Technology companies and banks helped drive stocks broadly lower on Wall Street Tuesday as the market gave back some of the big gains it made the past couple of weeks.
The sell-off snapped the S&P 500 index’s five-day winning streak. Bond yields fell and the price of gold rose, another sign of caution in the market.
The selling followed a deeper pullback in France, Germany and elsewhere after the European Union’s executive arm said this year’s recession caused by the coronavirus pandemic will be deeper than forecast. It also said next year’s expected rebound could be weaker than expected.
The S&P 500 fell 34.40 points, or 1.1%, to 3,145.32.