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Stocks ticked lower on Tuesday, ending a winning streak as investors failed to build on the market’s recent recovery rally.
The Dow Jones Industrial index dropped 61.56 points to end Tuesday at 40,834.97
The S&P 500 index fell 11.13 points to 5,597.12.
The NASDAQ faded 59.83 points to 17,816.94.
Tuesday’s declines snapped eight-day winning streaks for the S&P 500 and NASDAQ, the first positive periods of that length for each since late 2023. If the S&P 500 had finished Tuesday up, it would have marked its longest winning streak since 2004. Meanwhile, the Dow notched its first negative day in the last six.
Strong retail sales data and a soft inflation report issued last week have helped soothe investors’ fears on the economy. The S&P 500 and NASDAQ are now both higher by more than 1% on the month, underscoring the market’s dramatic turnaround.
Cybersecurity company Palo Alto Networks jumped more than 7% after fiscal fourth quarter results topped analyst estimates and it set a $500 million stock buyback. Home improvement retailer Lowe’s dipped more than 1% after reporting worse-than-expected revenue and lowering its annual profit outlook, noting an expected slowdown in consumer spending.
Beyond earnings, Bank of America slipped around 2.5% as Warren Buffett’s conglomerate Berkshire Hathaway continued dumping shares.
Prices for the 10-year Treasury rocketed, lowering yields to 3.81% from Monday’s 3.88%. Treasury prices and yields move in opposite directions.
Oil prices dropped 55 cents at $73.82 U.S. a barrel.
Gold prices sprinted $12.50 to $2,562.70.
