NEW YORK (AP) — Wall Street’s record-breaking, weeklong run ran out of momentum on Tuesday.
The S&P 500 slipped 0.3% for its first drop after closing at an all-time high in six successive days. The Dow Jones Industrial Average sank 204 points, or 0.5%, and the Nasdaq composite shaved 0.4% off its own record.
SoFi Technologies climbed 6.6%, but Merck dropped 1.7% and UPS sank 10.6% following a torrent of profit reports from big U.S. companies. They’re among the hundreds of companies telling investors this week how much they made during the spring, including nearly a third of the stocks in the S&P 500 index.
Treasury yields eased in the bond market as the Federal Reserve began a two-day meeting where they will decide what to do with short-term interest rates.
Despite angry lobbying from President Donald Trump for lower rates, which would give the economy a boost, the widespread expectation is that the Fed will wait for more data about how Trump’s tariffs are affecting inflation and the economy before making its next move.