S&P Ends Win Streak at 6
Stocks slipped on Tuesday as the big tech-led rally lost steam.
The Dow Jones Industrials tumbled 114.89 points to 42,677.18.
The much-broader index fell back 23.14 points to 5,940.46, its first decline in seven sessions.
The NASDAQ Composite lost 72.75 points to 19,142.71.
Investors dumped tech stocks, which had led the run over the past six days. The sector was the worst-performing one in the S&P 500, losing around 0.9%. Nvidia lost 1%. Advanced Micro Devices, Meta Platforms, Apple and Microsoft were also lower on the day.
Tesla stock was trading 2% higher after CEO Elon Musk voiced his commitment to leading the electric vehicle maker for the next five years.
On Tuesday, President Trump was unable to sway key House Republicans to drop their oppositions to a major tax bill over a cap on deductions for state and local taxes. This opposition threatens to derail the tax legislation, which Trump was hoping to see passed before the upcoming Memorial Day weekend.
The moves come a day after the S&P 500 eked out a small gain to stretch its winning streak to six days. That’s its longest run since a nine-day streak that ended earlier this month.
Prices for the 10-year Treasury were up Tuesday, driving yields down to 4.48% after briefly surging past 5% on Monday. Treasury prices and yields move in opposite directions.
Oil prices declined seven cents to $62.62 U.S. a barrel.
Prices for gold rallied $62.00 to $3,295.50
