More drops for Big Tech stocks dragged on Wall Street on Tuesday, overshadowing gains for much of the U.S. stock market. The Standard & Poor's 500 slipped 0.5%, even though 2 out of 3 stocks within the index rose. The Dow Jones industrial average rose 203 points, or 0.5%, and the Nasdaq composite sank 1.3%. PayPal rose 8.6% and helped lead the market’s gainers after it topped analysts’ expectations for profit during the spring. It also raised its forecast for profit for the full year.
“In our view, the recent rally is likely unsustainable as the fundamental support is lacking,” said Austin Pickle, investment strategy analyst at Wells Fargo Investment Institute, who said that more than 40% of small-cap companies aren’t making any profits, among other challenges. Also weighing on Wall Street was Merck, which fell 9.8% despite reporting stronger results for the last quarter than expected.
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