A late drop leaves Wall Street indexes lower, led by tech | National News
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Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
A currency trader walks near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
FILE – The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks are wobbling between small gains and losses in early trading on Wall Street Tuesday, May 18, 2021 as the market continues to be pulled between concerns about the potential for inflation and the hopeful signs that more parts of the economy are reopening.
In this photo provided by the New York Stock Exchange, specialist Peter Mazza works at his post on the floor of the New York Stock Exchange, Tuesday, May 18, 2021. Stocks were mixed, moving between small gains and losses on Tuesday morning, as investors remain focused on the possibility for more inflation later this year as well as the economic recovery as the coronavirus pandemic comes to a close.
In this photo provided by the New York Stock Exchange, traders work on the floor of the NYSE, Tuesday, May 18, 2021. Stocks were mixed, moving between small gains and losses on Tuesday morning, as investors remain focused on the possibility for more inflation later this year as well as the economic recovery as the coronavirus pandemic comes to a close.
In this photo provided by the New York Stock Exchange, traders work on the floor of the NYSE, Tuesday, May 18, 2021. Stocks were mixed, moving between small gains and losses on Tuesday morning, as investors remain focused on the possibility for more inflation later this year as well as the economic recovery as the coronavirus pandemic comes to a close.
Stocks closed lower on Wall Street Tuesday as a late-afternoon sell-off in technology companies helped nudge stock indexes into the red for the second straight day.
The S&P 500 lost 0.9%, with most of the pullback coming in the last hour of trading. Apple, Facebook and Google’s parent company all lost 1% or more as technology stocks fell broadly. While they powered the market rebound last year, tech stocks are up only 2.6% this year, the lowest gain among the S&P 500’s 11 sectors.
Banks, industrial and communication companies also helped drag the market lower, easily outweighing small gains by health care stocks, among others. Energy companies fell the most as the price of U.S. crude oil fell 1.2%. Treasury yields held steady.
Investors continued to size up the latest batch of company earnings reports, including quarterly snapshots from Walmart and Home Depot.
Wall Street is also weighing the possibility of more inflation later this year and economic recovery as the coronavirus pandemic eases. That balancing act has contributed to a market pullback this month.
“Stocks appear to be in consolidation mode, digesting strong year-to-date gains on the heels of a superb first-quarter reporting period,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “We view this pullback that we’re experiencing over the last week or so as within the normal ebb and flow of a broad market that still has legs to trend higher.”
