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Stocks edged lower Tuesday as a selloff that has engulfed Wall Street in recent weeks resumed after two straight winning sessions.
The Dow Jones Industrials sank 260.32 points to close at 41,581.31
The S&P 500 docked 60.45 points, or 1.1%, to 5,614.66
The NASDAQ plummeted 304.54 points, or 1.7%, to 17,504.12
Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell more than 5% after RBC Capital Markets lowered its price target on the electric vehicle name, citing rising competition in the EV space. It’s declined more than 36% over the past month.
The EV-maker wasn’t the only tech name down during the session. Shares of Palantir faltered nearly 4% and Nvidia dropped more than 3%
Those moves follow a second-straight winning session on Wall Street. That marks a turn after several tough weeks on Wall Street as some soft economic data and President Donald Trump’s on-again-off-again tariff policy left investors wary of the U.S.’ financial health.
Traders will closely follow Wednesday afternoon’s interest rate announcement and subsequent press conference with Fed Chair Jerome Powell. Fed funds futures are pricing in a 99% likelihood that the central bank holds rates steady,
Prices for the 10-year Treasury eked higher Tuesday, lowering yields to 4.29% from Monday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices removed 69 cents to $66.89 U.S. a barrel.
Prices for gold hiked $37.10 an ounce to $3,043.20 U.S.
