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Stock market today: Live updates

BusinessStock market today: Live updates

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Traders work on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. 

Angela Weiss | AFP | Getty Images

Stock indexes slipped Tuesday as the momentum seen in the previous session fizzled, and declines in bank shares offset gains in tech names.

The broad-based S&P 500 edged 0.4% lower while the tech-heavy Nasdaq Composite shed less than 0.1%. The Dow Jones Industrial Average lagged, falling 195 points, or 0.6%.

Several regional and larger bank fell after S&P Global cut credit ratings and revised its outlook for multiple U.S. banks on Monday, citing “tough” operating conditions. The financial sector was recently down 0.8%, making it the worst-performing sector of the S&P 500. KeyCorp and Comerica dropped nearly 4% each. Big bank JPMorgan Chase also fell 2.1%.

Dick’s Sporting Goods and Macy’s fell by 24% and 13%, respectively, on cautious full-year forecasts, also leading the SPDR S&P Retail ETF lower. On the other hand, major tech-related names Netflix and Alphabet climbed.

Tuesday’s moves come as Wall Street keys on the bond market, a day after the benchmark 10-year Treasury yield hit its highest level since 2007. The 10-year yield eased slightly Tuesday to 4.33%

“I think [the market] is kind of wavering right now as the 10-year yield is hovering right around those October highs,” Adam Turnquist, chief technical strategist at LPL Financial said. “We’re watching for an official breakout on the 10-year … I think if we start moving higher, that’s certainly a warning sign for maybe a little bit deeper pullback in equity markets.”

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While Turnquist said he is not bearish on stocks, he thinks “we’re in the pullback phase of a bull market.” The strategist named the industrial sector as his top pick.

Crossmark Global Investments’ Victoria Fernandez similarly expects a continuing pullback in the market, which she said will be influenced by climbing yields and a more cautious consumer.

“I think we’re gonna see higher yields bite a little bit,” said Fernandez, the firm’s chief market strategist. “Now that we’re through earnings, it’s the macro story that’s going to be driving a lot of what we see in market volatility, and positive macro stories are really a double-edged sword because all that does is tell the Fed that their financial conditions are not tight enough.”

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