Stocks slipped on Tuesday as investors struggled to continue building on the market’s recent recovery rally.
The Dow Jones Industrial index lost 50.02 points by noon Tuesday at 40,846.51
The S&P 500 index eased 5.43 points to 5,602.52.
The NASDAQ faded 30.79 points to 17,845.95.
Tuesday’s action marks a breather after the S&P 500 and NASDAQ Composite posted their eighth straight positive sessions. That was a first for both since late 2023.
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 nearly 8% after fiscal fourth quarter results topped analyst estimates and it set a $500 million stock buyback. Home improvement retailer Lowe’s dipped 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 almost 2% as Warren Buffett’s conglomerate Berkshire Hathaway continued dumping shares.
Prices for the 10-year Treasury gained ground, lowering yields to 3.83% from Monday’s 3.88%. Treasury prices and yields move in opposite directions.
Oil prices dropped 21 cents at $74.16 U.S. a barrel.
Gold prices sprinted $6.80 to $2,562.70.
