Stocks Shed Gains as Techs Roll Over
Stocks erased earlier gains on Tuesday as a rally in the technology sector fizzled out.
The Dow Jones Industrial Average sank 25.18 points to pause for lunch at 26,037.50
The S&P 500 dipped 3.78 points to 2,882.96.
The S&P 500 technology sector was down 0.3%, giving back a gain of 1.1%. Advanced Micro Devices and Symantec led tech’s decline, sliding more than 3% each.
The NASDAQ Composite stumbled 17.69 points to 7,805.48, erasing a surge of more than 1%.
The Dow was poised to notch its seventh straight gain. That would mark the 30-stock index’s longest winning streak since May 2018, when it rose for eight straight days. Meanwhile, the S&P 500 is within 2% below an all-time high set in April.
Market expectations for lower rates by July sat around 78%. Investors are also pricing in a 97.1% chance of lower rates by December.
Prices for the benchmark 10-year U.S. Treasury were unchanged, leaving yields at Monday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices stayed afloat 18 cents to $53.44 U.S. a barrel.
Gold prices slipped $1.10 at $1,329.70 U.S. an ounce.