Major U.S. stock indexes finished lower Tuesday, snapping a three-day rally. Financial sector stocks bore the brunt of the decline as investors reacted to lower yields. Technology stocks, which like banks have tended to lead the market’s gains recently, gave up an early gain.
Tech companies drove a Wall Street rally Monday. The buying went well beyond technology, with communication services stocks, health care companies and retailers all notching solid gains.
U.S. stock indexes ended Thursday mostly higher after a volatile day. The major U.S. stock indexes spent much of the day reacting to big moves in U.S. government bond yields, which fell sharply in the early going, fluctuated for much of the day, and then recovered some of their decline by mid-afternoon.
Shares of media-industry stocks fell in tandem with an overwhelmingly negative market, which offset enthusiasm for the merger of Viacom and CBS and other parts of the sector. Shares of Fox Corp. were off 3.91%, or $1.37 a share. Shares of Walt Disney Co. fell 3.04%, or $4.16 a share. Shares of Comcast, owned of NBCUniversal, tumbled 2.51%, or $1.09. And shares of AT&T, owner of WarnerMedia, fell 2.21%, or 77 cents a share.
Stocks rebounded Tuesday after the U.S. announced a plan to delay some China tariffs. The latest turn in the U.S.-China trade war helped the market make up much of the losses from the previous two days, snapping a two day losing streak for the S&P 500.
Stocks fell Monday as anxiety over a trade war lingered. Investors sought safety in U.S. government bonds, sending their yields tumbling. The price for gold, another traditional safe-haven asset, closed higher.
Stocks fell again Friday over trade-war worries. The S&P 500 dropped as much as 1.3% Friday after Trump said that it would be “fine” if a meeting on trade with China next month doesn’t happen, before nearly eliminating the loss. It dropped again in the final minutes of trading and ended the day at 2,918.65, down 19.44 points, or 0.7%.
The absence of new worrisome turns in the U.S.-China trade tussle may have helped keep investors in a buying mood Thursday.
On Wednesday, a late-afternoon rally lifted most of the major stock indexes out of the red, reversing most of the early slide that briefly pulled the Dow Jones Industrial Average down more than 580 points. Technology and consumer staples stocks powered much of the gains, offsetting losses in banks, energy companies and other sectors.
U.S. stocks notched solid gains Tuesday as China stabilized its currency. The bounce pushed the Dow Jones Industrial Average more than 300 points higher and snapped a six-day losing streak for the market, though the benchmark S&P 500 recouped only a little more than a third of the losses from Monday.