U.S. equities closed lower on Tuesday as a gain in tech stocks failed to lift the broader market higher.
The S&P 500 declined 0.4 percent to 2,629.57, with telecommunications, industrials and utilities lagging. The index posted its first three-day losing streak since August.
The information technology sector closed 0.2 percent higher and was the only advancing sector. Facebook, Netflix and Google-parent Alphabet all closed higher.
The Dow Jones industrial average finished 109.41 points lower at 24,180.64.
The Nasdaq composite erased earlier gains, slipping 0.2 percent to 6,762.21. The index also notched a three-day losing streak.
"We saw some short covering in tech earlier in the session. That cover is fading," said Dave Lutz, head of ETF trading at JonesTrading. He also noted that commodities, specifically metals, are down broadly on Tuesday.
Tech — the best-performing sector this year — has taken a hit recently, sliding about 4 percent over the past week, as investors digest a major tax bill passed by Senate members.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.