Stocks were flat on Tuesday as Wall Street wrapped up its best quarterly performance in decades.
The Dow Jones Industrials decreased 36.58 points to begin Tuesday’s session at 25,559.22.
The S&P 500 increased 9.96 points to 3,063.20.
The NASDAQ Composite jumped 69.92 points to 9,944.07.
Despite Tuesday’s decline, the major averages headed for their biggest one-quarter gains in years. Both the Dow and S&P 500 were on pace for their best quarterly performance since 1998, surging more than 16% each. The NASDAQ, meanwhile, was up 28.2% quarter to date and was headed for its biggest quarterly gain since 2001.
Shares of Wells Fargo ticked 1.7% lower after the bank said Monday it would likely slash its dividend in the third quarter to comply with the Federal Reserve stress test. Bank of America, Citi, JPMorgan and Goldman Sachs said their dividends would stay the same.
Stocks that would benefit from the economy reopening were also under pressure. Wynn Resorts slid 1.6% and United Airlines dropped 1.7%. Delta Air Lines traded 0.8% lower.
Those losses were capped in part by a 4.7% jump in Micron following the company’s better-than-expected earnings report. Micron gave strong forward revenue guidance. Shares of Lululemon gained 4.9% on news it will acquire at-home fitness company Mirror for $500 million.
Those gains came amid a backdrop of increasing coronavirus cases in the U.S. and states attempt to reopen from the shutdown. U.S. governors are walking back or delaying reopening plans as Covid-19 cases climb around the country. New Jersey Gov. Phil Murphy announced the state will delay a resumption of indoor dining that was planned for Thursday.
Federal Reserve chair Jerome Powell and Treasury Secretary Steven Mnuchin will testify before the House Financial Services Committee at 12:30 p.m. EDT on Tuesday. The joint hearing will address the Fed and Treasury’s response to the coronavirus pandemic.
In remarks he will deliver Tuesday, Powell said uncertainty reigns over the outlook for the economy in the wake of the coronavirus pandemic.
Prices for the 10-Year Treasury gained, lowering yields to 0.63% from Monday’s 0.64%. Treasury prices and yields move in opposite directions.
Oil prices lost 32 cents to $39.38 U.S. a barrel.
Gold prices added $2.60 to $1,783.80 U.S. an ounce.