Stocks were solidly lower in afternoon trading Tuesday, dragged down by big technology companies like Apple and Google.
Most sectors in the benchmark S&P 500 index fell as investors continue to focus on corporate earnings and gauge the economic recovery’s progress. Earnings and most economic indicators have been signaling a steady recovery, but investors remain concerned about the lingering threat from COVID-19, inflation and other factors that could crimp progress.
A key concern has been the recovery in the employment market and investors will get another update with this week’s jobs report.
The S&P 500 index was down 1.1% as of 1:15 p.m. Eastern. The technology-heavy Nasdaq Composite dropped 2.4% and the Russell 2000 index of small-company stocks was down 1.6%. The Dow Jones Industrial Average fared somewhat better dropping 93 points, or 0.3%, to 34,019.
Big technology shares were dragging down the entire market. Apple fell 4.1%, Facebook shares were down 3.1%, Google’s parent company dropped 2.7% as well and Amazon fell 2.7%. The declines added to the drop in tech shares that happened late Monday, which caused the Nasdaq to end yesterday’s session in the red.
Bond yields fell. The yield on the 10-year U.S. Treasury note dropped to 1.58% from 1.60% the day before.