Markets Right Now: Stocks fall for first time in 6 days
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks lost some early momentum Tuesday and finished with their first loss in six days.
The Dow Jones industrials slipped 14 points, or 0.1%, to 26,048, after rising as much as 186 points just after trading began.
Shares of defense contractors led the declines. Raytheon and United Technologies, which have agreed to merge, fell sharply and other defense companies dropped as well. Raytheon lost 5.1%.
Health care stocks also fell. CVS dropped 1.9% while Humana lost 2.6%.
The S&P 500 index slipped 1 point to 2,885. The benchmark index is still up nearly 5% so far this month after dropping 6.6% in May.
The Nasdaq dropped less than a point and is at 7,822. The Russell 2000 index of small companies fell 5 points to 1,518.
Stocks lost their early momentum by midday Tuesday as technology stocks turned lower.
The Dow Jones industrials slipped 9 points to 26,053, after rising as much as 177 points just after trading began.
Tech stocks, which have helped lead the market’s rally in June, suffered late-morning losses. Advanced Micro Devices fell 3.4% and Adobe dropped 2%.
Shares of manufacturers also declined. Raytheon and United Technologies, which announced a big merger Sunday, fell sharply and other defense companies dropped as well.
H&R Block rose 1.7% after the tax preparation company said fiscal fourth profit topped expectations.
The S&P 500 index slipped 3 points, or 0.1%, to 2,883. Still, the benchmark index is up nearly 5% so far this month. The Nasdaq dropped 14 points, or 0.2%, to 7,808.
Stocks are rising early Tuesday as Wall Street continues to thrive in June.
The S&P 500 index rose 24 points, or 0.9%, to 2,911. The benchmark index is up nearly 5% so far this month after a 6.6% decline in May.
Technology stocks rose. Broadcom shares gained 2% after the chip maker reached a deal to supply components to Apple.
Tesla gained 2.3% ahead of its annual shareholder meeting, where CEO Elon Musk is expected to be asked about the company’s stock price, which is down 36% this year.
Heavy equipment maker Caterpillar rose 2.4% as mining stocks rallied.
The Dow Jones industrials rose 173 points, or 0.7%, to 26,236. The Nasdaq gained 82 points, or 1.1%, to 7,905.