U.S. stocks edged lower as momentum came out of the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory.
The S&P 500 slipped 0.3% Tuesday, coming off its latest record. The Dow Jones Industrial Average fell 0.9%, and the Nasdaq composite slipped 0.1%. Yields jumped in the bond market to add pressure on stocks.
Smaller U.S. stocks sank in a turnaround from their rocket ride higher after Trump’s win raised expectations for economic growth and inflation. Tesla, which is run by Trump’s ally Elon Musk, had its first drop since before Election Day.
On Tuesday:
The S&P 500 fell 17.36 points, or 0.3%, to 5,983.99.
The Dow Jones Industrial Average fell 382.15 points, or 0.9%, to 43,910.98.
The Nasdaq composite fell 17.36 points, or 0.1%, to 19,281.40.
The Russell 2000 index of smaller companies fell 43.13 points, or 1.8%, to 2,391.85.
For the week:
The S&P 500 is down 11.55 points, or 0.2%.
The Dow is down 78.01 points, or 0.2%.
The Nasdaq is down 5.38 points, or less than 0.1%.
The Russell 2000 is down 7.79 points, or 0.3%.
For the year:
The S&P 500 is up 1,214.16 points, or 25.5%.
The Dow is up 6,221.44 points, or 16.5%.
The Nasdaq is up 4,270.05 points, or 28.4%.
The Russell 2000 is up 364.77 points, or 18%.
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