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Stocks slipped Tuesday as Wall Street took profits coming off an unusually strong month and quarter.
The Dow Jones Industrial Average stumbled out of gate 276.94 points to begin Tuesday at 42,053.21.
The S&P 500 index sank 53.24 points to 5,709.24
The NASDAQ Composite swooned 247.14 points to 17,942.03.
Apple slid more than 2%, weighing on the broader market. Tesla and Nvidia were also among megacap tech stocks trading lower. But Meta bucked the trend, rising near all-time highs.
Tuesday’s pullback comes after the S&P 500 and the Dow notched closing records in the previous session, which marked the end of the trading month and quarter. September is typically the worst month of the year for stocks, but this time it broke with past trends.
All three major averages posted monthly gains, and it was the first positive September for the S&P 500 since 2019. The S&P 500, Dow and NASDAQ also ended the third quarter in positive territory.
On the economic data front, the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey for August is due Tuesday morning.
The S&P Global U.S. Manufacturing Purchasing Managers’ Index and the ISM Manufacturing PMI readings are also slated for release.
Prices for the 10-year Treasury hiked, lowering yields to 3.72% from Monday’s 3.79%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.34 at $69.51 U.S. a barrel.
Gold prices soared $28.80 to $2,684.20 U.S. an ounce
