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Stocks fell Tuesday, taking a breather from the rally that lifted them to record highs, as traders sifted through the latest corporate earnings reports.
The Dow Jones Industrials plummeted 324.6 points to 42,740.62.
The S&P 500 index dropped 44.59 points to 5,815.26.
The NASDAQ Composite weakened 187.10 points, or 1%, to 18,315.59.
Despite Tuesday’s declines, the three major averages are higher on the month and seem on track to overcome a historically volatile season.
ASML fell 16% as chipmakers took a dive. The company’s CEO warned of “cautiousness” among customers and said a “recovery is more gradual than previously expected.” Nvidia dipped 4.5% and AMD shed 5.2%.
Further, UnitedHealth slid 8.1% after the company trimmed its full-year earnings outlook. The insurer’s decline weighed on the 30-stock Dow.
Wall Street is coming off a winning session that propelled the S&P 500 and Dow to all-time highs. Notably, the Dow added more than 200 points to finish above the 43,000 mark for the first time.
Prices for the 10-year Treasury gained, lowering yields to 4.03% from Monday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices ditched $2.87 to $70.96 U.S. a barrel.
Gold prices added $12.70 to $2,678.30 U.S. an ounce
