Stock market today: Most of Wall Street slips in quiet trading after returning from a 3-day weekend

NEW YORK — Most U.S. stocks fell as a tick higher in bond yields tightened the screws a bit on Wall Street following a three-day weekend. The S&P 500 closed little changed Tuesday and is sitting just below its record set a week ago. Roughly two out of every three stocks in the index fell. The Dow Jones Industrial Average fell 0.6%. Some technology stocks remained particularly strong, which helped the Nasdaq composite rise 0.6% to another all-time high.

Nvidia was leading the way and jumped 6.8% to bring its gain for the year so far to a whopping 129.7%. It’s still riding a wave created by its latest blowout profit report from last week, which calmed some of the worries that Wall Street’s frenzy around artificial-intelligence technology has inflated prices beyond reasonable levels.

They weren't enough, though, to offset drops for health care stocks, which had some of Wall Street's sharpest losses. Moderna fell 9.6%, Merck dropped 2.7% and Vertex Pharmaceuticals slipped 2.1%. Strong spending by U.S. consumers has been one of the main reasons the economy has managed to defy predictions of a recession, at least so far, but some cracks have begun to show. Lower-income households in particular have been beginning to buckle under the pressure of still-high inflation.

The Fed has been holding the federal funds rate at the highest level in more than two decades in hopes of grinding down on the economy and investment prices enough to get high inflation fully under control. The danger is that if it leaves rates too high for too long, it could kneecap the job market and overall economy. Making it more difficult for the Fed, if it cuts rates too early, it could allow inflation to get even worse.

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