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All three of the US market indexes (^DJI, ^IXIC, ^GSPC) close Tuesday's session lower, ending the S&P 500's latest win streak. US Treasury yields (^TYX, ^TNX, ^FVX) move higher on the back of Moody's downgrade to US credit and President Trump's spending bill working its way through Congress.
Markem Dominatio Overtime's Julie Hyman and Yahoo Finance markets and data editor Jared Blikre break down Tuesday's market and sector action.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
I'm going to start with major averages here. And we had some strange action in the last hour and a half or so of trading here. So pretty much sideways to down throughout the day for the Dow off by 115 points when all was said and done. And then in the last, I don't know, a little after 2:00 p.m., we saw things take a bit leg lower and then sort of come back up around to take a round trip again. So finishing down a quarter of 1%, the S&P 500 very similar move here at the end of the session finishing down 4/10 of 1% and breaking a six day, six session winning streak for the S&P 500. And the Nasdaq composite similar there and also down about 4/10 of 1%. And all of this happening sort of in the absence of a lot of dramatic headlines or economic data for that matter here today. Still, we see the tax bill sort of slowly making its way, perhaps, through Congress. Uh we see Federal Reserve officials throughout the day saying that they are waiting for more information on the potential impact of tariffs. And so, in waiting for all of that, a little bit of a pause in the markets as well. Jared's got a closer look at today's action. Hi, Jared.
Thank you, Julie. We'll call that a little bit of drift and drifting to the downside here. But two markets which were drifting the opposite way have caught my eye, and yes, I'm going to mention the 30-year, the 30-year yield is up today. It hit 5%, almost hit that early on and it exceeded that yesterday, by the way. You can see that in this two-day view. And the other market I was looking at is the US dollar and that was drifting down today. So I'll just put this on today's and you can see going in the wrong direction. And as I've been kind of harping on recently when those are moving in the opposite direction, this reminds me of the throwback to the early days of the tariff reaction that we saw, really caused some upheaval in the markets which I thought we'd gotten rid of for maybe a week or two. Uh but that was just a brief respite. In sector action, we have staples leading and then we have utilities and health care. Those were the only sectors in the green. So it was very much a defensive day for uh the little bullish action that we were looking at. To the downside, energy taking it on the chin to about 9/10 of a percent, not even a percentage points, so not a disaster there. But more red than green, as you can see on the screen. And if we take a look at the Nasdaq 100, what's clear is that most of the mega caps and the mag 7 not in the green today, but Tesla, Tesla doing all right. Guess what? It is surpassed Broadcom in market cap, it is to the left of it. And let's just take a quick chart of Tesla. You can see, it was up quite a bit more earlier today, but if you take a look at the year to date, still underwater, but impressive rally over the last month and that tallies to about 42% for Tesla there. Also taking a look inside the Dow, we can see more red than green there. Financials looking a little bit better than the other sectors, JP Morgan up about 3/10 of a percent. Also seeing Boeing here up about 1% or so. That's Caterpillar. Let's take a look at Boeing, up 1.19%, up 30% over the last month. And then I'll just leave us on our, our leaders here. And uh guess what? Biotech having a little bit of a comeback here, and it has been struggling for sure with health care. But the leader today,...
