Wall Street closed Tuesday with mixed results after some staunch stocks lost momentum and some of the most hit stocks on the market posted gains.
The S&P 500 Index was down 0.5% after some of the stocks that have best weathered this year’s selloff recorded some of the day’s biggest declines. These included healthcare companies, tech giants, and companies benefiting from the stay-at-home economy, such as Netflix and Amazon.
Those are big companies, whose moves have a huge effect on the S&P 500. But nearly twice as many indicator stocks rose compared to those that fell. Winners of the day include travel companies, mall owners, and other businesses that were affected by widespread confinement orders that kept their clients locked up.
All of these moves left the S&P 500 with a loss of 15.09 points to finish at 2,863.39, representing its first drop in three days. The index rose to 1.5% in the first hours and then gave way and spent much of the day with little ups and downs.
It coincided with another hectic day for oil prices, in which a barrel of US crude for June delivery fell close to $ 10 before cutting its losses, as rising supplies continue to far outstrip demand.
The variations are a sign that the market remains dominated by uncertainty about how the recession caused by the coronavirus outbreak will unfold, said Tom Martin, senior account director at Globalt Investments.
The Nasdaq compound, which is dominated by the shares of tech giants and which is the only one of the main indicators of the United States to record gains in the last year, yielded 122.43 whole, or 1.4%, to close at 8,607 , 73.
The Russell 2000 Index, which has been hit hardest in the market by concerns about the financial strength of small businesses, rose 16.20 points, or 1.3%, to stand at 1,298.08.
The Dow Jones industrial average lost 32.23 units, or 0.1%, to settle at 24,101.55. The index, like others, lost its earnings after a report showing that consumer confidence in the United States fell to its lowest level in nearly six years.
The yield on 10-year Treasuries fell to 0.61%, from 0.65% on Monday.
A barrel of US crude for June delivery lost 44 cents, or 3.4%, to settle at $ 12.34 a barrel. During the day, it fell as high as $ 10.07.
The international benchmark Brent mix rose 47 cents, or 2.4%, to settle at $ 20.46 a barrel.