US stocks edged lower Tuesday as momentum came out of the torrid "Trump trade" that swept Wall Street following Donald Trump's presidential victory.
- The S&P 500 fell 17.36 points, or 0.3%, to 5,983.99, coming off its latest record.
- The Dow Jones Industrial Average fell 382.15 points, or 0.9%, to 43,910.98.
- The Nasdaq composite fell 17.36 points, or 0.1%, to 19,281.40.
Yields jumped in the bond market to add pressure on stocks. Even Tesla, which is run by Trump's ally Elon Musk, sank. It dropped 6.1% for for its first loss since before Election Day.
Stocks have been broadly rising on expectations that Trump's preference for lower tax rates and other policies may mean faster economic growth, as well as bigger US government debt and higher inflation. Some areas of the market have launched on particularly high-grade fuel, such as smaller US stocks seen as benefiting the most from Trump's America First ideas. They gave back some of their big gains on Tuesday, and the Russell 2000 index of smaller companies fell a market-leading 1.6%, the AP reports. The stock that's become most entwined with Trump's popularity, Trump Media and Technology Group, fell 8.8%.
UnitedHealth Group was one of the heaviest weights on the S&P 500 and fell 1.7% after the Justice Department sued to block its $3.3 billion purchase of Amedisys, saying the deal would hinder access to home health and hospice services. Amedisys sank 1.8%. In the crypto market, bitcoin soared to another record before pulling back. Trump has embraced cryptocurrencies generally and pledged to make the US the crypto capital of the world. Bitcoin got as high as $89,995, according to CoinDesk, before dropping back toward $89,000. It started the year below $43,000.
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Helping to limit the losses on Wall Street was Live Nation Entertainment, which joined the lengthening list of US companies delivering stronger profit for the summer than analysts expected. The company behind Ticketmaster said concert fans around the world are spending more to hear artists, and it said trends are already encouraging for 2025 stadium tours for Coldplay and others. Its stock rose 4.7%. Tyson Foods jumped 6.5% after likewise topping analysts' forecasts for profit. Home Depot pulled back 1.3% despite beating analysts' profit expectations, as it continues to contend with a pullback in spending by customers.
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