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Stocks fell on Tuesday, as traders digested a year-end rally to record levels. They also awaited new U.S. inflation data set for release this week.
The Dow Jones Industrial index stumbled 154.1 points to finish Tuesday at 44,247.83.
The S&P 500 index folded 17.94 points to 6,034.91
The NASDAQ Composite slid 49.45 points to 19,687.24
Oracle shares slumped more than 8% after the database software company posted fiscal second quarter results that missed Wall Street’s estimates. The stock has jumped around 66% this year.
Alphabet was a breakout winner of the session, advancing about 5%, on the backs of Google making a major breakthrough in quantum computing with the unveiling of its new chip. That puts its year-to-date gains at more than 31%.
This comes after the major averages fell on Monday. The S&P 500 and the NASDAQ Composite slid about 0.6%, dropping from recent records as shares of Nvidia declined. Shares of the chip giant were more than 3% lower Tuesday, extending the more than 2% loss seen in the previous session after a Chinese regulator said it was investigating the company for possibly violating the country’s antimonopoly law.
By contrast, Meta Platforms – which also saw losses in the previous session – was marginally higher Tuesday.
Investors are now waiting on the U.S. consumer price index report, which is due Wednesday and could influence how the Federal Reserve proceeds on interest rates at its Dec. 17-18 meeting. Economists polled by Dow Jones forecast that headline inflation rose 0.3% in November and 2.7% over the prior 12 months.
Prices for the 10-year Treasury lagged, raising yields to 4.23% from Monday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices squeezed up four cents to $68.41 U.S. a barrel.
Prices for gold jumped $32.70 an ounce to $2,714.40 U.S.
