Stocks fell Tuesday, with the three major indexes looking for dip for a second straight session.
The Dow and S&P 500 each slid further below their recent all-time highs. Cyclical travel and leisure stocks including airlines and cruise lines slid, while Big Tech stocks dipped even as the benchmark 10-year Treasury yield edged lower.
“It’s really been an amazing tug-of-war between growth and value, cyclicals and defensives. Tech has outperformed phenomenally well over the last three to four weeks. But what we’re seeing … is a little bit of a move underneath the surface,” Andrew Smith, Delos Capital Advisors, told Yahoo Finance on Monday.
“While the headline sectors really underperformed from the technology, consumer discretionary perspective, we have looked at industry groups, and we’ve seen tech hardware do well. We’ve seen software services continue to do well,” he added.