U.S. stocks were trading off their highest levels Tuesday afternoon, weighed by a slump in the internet and technology sector, which dragged the tech-heavy Nasdaq into negative territory. Early gains for the main benchmarks had been supported by strong economic data that have thus offset fears over global trade disputes.
What are the main benchmarks doing?
Dow Jones Industrial Average DJIA, +0.45%[1] climbed 90 points, or 0.4%, to 24,864, with the benchmark poised to mark its first four-day rise since a similar streak ended June 11, according to FactSet data. Meanwhile, the S&P 500 index SPX, +0.18%[2] added about 2 points, or 0.1%, to 2,786, briefly reaching its highest level, at its intraday peak, since March 13 when it hit 2,801.90. The Nasdaq Composite Index COMP, -0.17%[3] however, was 24 points lower at 7,732, a decline of 0.3%.
On Monday, the Dow closed higher by 320.11 points[4], or 1.3%, as the S&P 500 and Nasdaq Composite each added 0.9%.
The blue-chip gauge turned positive for the year on Monday, flipping to a gain, and was most recently up 0.7% year to date, while the S&P and tech-laden Nasdaq have advanced 4.4% and 12.5%, respectively.
Separately, the small-capitalization focused Russell 2000 index RUT, -0.74%[5] hit an intraday peak at 1,708.56 Tuesday morning, but was last trading down 0.7% at 1,693.
What’s driving markets?
Recent economics reports have been seen as underlining the strength of the U.S. economy at a time when many investors are concerned about worsening relations between Washington and its major trading partners.
Meanwhile, investors are bracing for a round of quarterly earnings reports that are expected to underscore American corporations’ health. PepsiCo Inc.’s PEP, +4.06%[6] posted better-than-expected earnings[7] before the open Tuesday, sending its stock up by 3.8%. A trio of giant banks—JPMorgan Chase & Co. JPM, -0.37%[8] Citigroup Inc. C, -1.04%[9] ...