U.S. stocks edged lower in early trading Tuesday, giving up some of their big gains from a day earlier, when the market notched its best day in eight months. Investors had their eye on the tight U.S. presidential race as voters headed to the polls. Financial and health care companies were among the biggest decliners, while telecom and utilities stocks bucked the broader market slide.
KEEPING SCORE: The Dow Jones industrial average slid 45 points, or 0.3 percent, to 18,214 as of 10:09 a.m. Eastern time. The Standard & Poor’s 500 index fell 6 points, or 0.3 percent, to 2,124. The Nasdaq composite index lost 15 points, or 0.3 percent, to 5,150. The stock market was coming off its biggest gain since March on Monday, when it snapped a nine-day losing streak.
GENERAL ELECTION: Hillary Clinton entered Election Day with multiple paths to victory, while rival Donald Trump must prevail in most of the battleground states to reach 270 Electoral College votes. Control of the Senate was also at stake. The market soared on Monday as Clinton’s chances for winning the presidency appeared to improve. Investors like certainty, and Clinton has been seen by the market as likely to maintain the status quo. Trump’s policies are less clear, and the uncertainty and uncomfortable closeness of the polls has caused jitters in financial markets.
BUMPY RIDE: Hertz plunged 50.3 percent after the car rental company’s latest quarterly earnings came up far short of what analysts anticipated. The stock slid $17.99 to $17.75.
DASHED EXPECTATIONS: CVS Health tumbled 13.4 percent after the drugstore chain and pharmacy benefits manager’s third-quarter revenue fell short of Wall Street’s expectations. The company also trimmed its outlook. The stock shed $11.21 to $72.18.