Stocks finished mixed Tuesday. The Dow snapped a three-day winning streak, dropping 79 points to 26,179, while the S&P 500 was essentially unchanged at 2,867. The Nasdaq Composite gained 19 points to 7,848.
U.S. equities fluctuated following Tuesday’s strong start to the second quarter in which all three major averages notched gains of more than 1%. On the data front, a preliminary reading showed durable goods orders fell 1.6% in February, its third decline in four months. An additional update from the WTO revealed that world trade is projected to grow 2.6% in 2019, below the previous 3.7% projection.
Six of 11 S&P 500 sectors closed in negative territory with Consumer Staples leading decliners. Walgreens dragged down drug wholesalers, sliding 12.8% to $55.36 after missing analyst estimates on both the top and bottom line and cutting its full-year guidance. Energy shares also lagged despite NYMEX WTI crude advancing 1.6% to $62.58/barrel, its best level of 2019. Materials outperformed, with Dow Inc. climbing 5.1% to $56.25 on its NYSE trading debut today. Airlines saw a boost with Delta Air Lines gaining 6.0% to $55.33 after increasing its first-quarter profit forecast.
Breadth was negative on issues by 3:2 on the NYSE and roughly even on the Nasdaq. Composite NYSE volume was more than 3.2 billion shares.
Treasuries strengthened along the curve with the yield on the benchmark 10-year note off three basis points to 2.47%. In commodities, COMEX gold was up 0.1% to $1,290.10 despite a stronger dollar.