Stocks Stagger by Close
U.S. stocks wiped out earlier gains and finished Tuesday’s session lower as the market struggled for a direction.
The Dow Jones Industrials shed earlier gains and lost 81.52 points to end Tuesday at 34,312.46.
The S&P 500 fell 8.92 points to 4,188.13, dragged by the energy sector.
The NASDAQ ducked four points to 13,657.17.
Big Tech shares Apple and Netflix both erased an earlier advance and dipped into negative territory. Amazon shares came under pressure after Washington, D.C. Attorney General Karl Racine said he’s suing the e-commerce giant on antitrust grounds.
He alleged Amazon’s practices have unfairly raised prices for consumers and suppressed innovation. But shares eventually rose 0.4% on the day.
Airlines and cruise lines provided the broader market with some support. United Airlines jumped 1.5% after the carrier said yields on domestic leisure tickets purchased this month topped 2019 levels amid the reopening. Boeing also gained 1.4%. Norwegian Cruise Line and Royal Caribbean rose more than 3% each.
Bitcoin’s recent rout, which has hit tech stocks like Tesla and dented overall investor sentiment, stabilized on Monday.
The cryptocurrency was back near $38,000 early Tuesday after falling below $32,000 at one point on Sunday. Crypto prices rebounded as Elon Musk said he was having discussions with bitcoin miners regarding sustainability.
Tesla, a big holder of bitcoin, fell 0.3%. Crypto-exchange Coinbase gained 7.6% with the shares also getting a boost from a JPMorgan buy call.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.56% Monday’s 1.60%. Treasury prices and yields move in opposite directions.
Oil prices handed over 16 cents to $65.89 U.S. a barrel.
Gold prices hiked $16.10 to $1,900.60 U.S. an ounce.