U.S. stock indexes pulled back on Tuesday to trim some of their stellar gains for the year.
The S&P 500 slipped 0.4%, though it’s still near its all-time high set earlier this month. The Dow Jones industrial average dropped 267 points, or 0.6%, and the Nasdaq composite gave back 0.3% from its record set the day before.
Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to repeated records this year, fell 1.2% to weigh on the market. It’s the eighth loss in nine days for the stock, which has dropped more than 12% from its record set last month, as its moonshot momentum slows.
The S&P 500 is on track for one of its best years since the millennium, up nearly 27%, because the U.S. economy has remained remarkably resilient.
A report on Tuesday showed sales at U.S. retailers strengthened by more last month than economists expected.
In the bond market, Treasury yields held relatively steady following the report. The 10-year Treasury yield held at 4.40%, where it was late Monday. The two-year yield, which more closely tracks expectations for the Fed, edged down to 4.24% from 4.25%.
On Wall Street, Broadcom fell 3.9% for its first loss following two big gains where it had led the market. The tech company’s stock leaped 24.4% and then 11.2% in consecutive days after delivering a profit report and a forecast for upcoming revenue that topped analysts’ expectations.
Broadcom and Nvidia were the two heaviest weights on the S&P 500 Tuesday.
Pfizer helped limit the market’s loss after rising 4.7%. It gave a forecast for profit next year that was stronger than some analysts’ estimates. Other pharmaceutical stocks were also near the front of the market, including a 3.2% gain for Bristol-Myers Squibb.
All told, the S&P 500 slipped 23.47 points to 6,050.61. The Dow Jones Industrial Average dropped 267.58 to 43,449.90, and the Nasdaq composite dipped 64.83 to 20,109.06.
Bitcoin set a record above $108,000 before pulling back toward $106,500, according to CoinDesk.com.
— Associated Press