US stocks end streak of gains with small dip
Both the S&P 500 and the tech-focused Nasdaq 100 were down 0.2% on Tuesday, while the Russell 2000 dropped 1.2%, putting an end to the market’s longest winning streak of 2024.
Still, stocks remain within range of all-time highs, with the S&P 500 up 17.3% so far this year. It only took 13 days for the market to move from overbought to an extreme oversold reading earlier this month, and 14 days to bounce back to be overbought, Bespoke Investment Group noted.
Some of the more defensively oriented S&P 500 sector ETFs — healthcare and consumer staples — performed relatively better on Tuesday, up 0.4% and 0.5%, respectively. But 8 out of the 11 sectors were in the negative territory, with the energy sector losing 2.4%.
The 10-year Treasury yield fell towards 3.8% while the US Dollar tumbled.
Palo Alto Networks, the cybersecurity company, was the best S&P 500 performer, gaining a whooping 7.2% on an earnings beat and boost to its buyback plan. Conversely, Nvidia, which had rallied 19.2% over the past five trading days, lost 2.1% on Tuesday.
