NEW YORK — U.S. stocks edged lower as momentum came out of the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory. The S&P 500 slipped 0.3% Tuesday, coming off its latest record. The Dow Jones Industrial Average fell 0.9%, and the Nasdaq composite slipped 0.1%. Yields jumped in the bond market to add pressure on stocks. Smaller U.S.
They gave back some of their big gains on Tuesday, and the Russell 2000 index of smaller companies fell a market-leading 1.6%. Even Tesla, which is run by Trump’s ally Elon Musk, sank. It dropped 5.1% and was on track for its first loss since before Election Day. Treasury yields have been climbing sharply since September, in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.
Helping to limit the losses on Wall Street was Live Nation Entertainment, which joined the lengthening list of U.S. 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%.
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