NEW YORK: Wall Street stocks fell on Tuesday , snapping a three-session winning streak amid lingering unease over global growth and the US-China trade war.
Stocks were in the red most of the day, but slid further after US President Donald Trump once again said he was not ready to reach a trade deal with China.Analysts also cited a drop in the yield on the 10-year US Treasury note, which is seen as a proxy for confidence in medium-term economic growth.The broad-based S&P 500 slid 23.14 points to close at 2,900.51, while the tech-rich Nasdaq Composite Index shed 54.25 points to 7,948.56.
Stocks ended near session lows, but analysts have said low trading volumes in August can exacerbate market moves.Quincy Krosby, chief market strategist for Prudential Financial, said the pullback was unsurprising after US stocks gained more than one per cent on Monday. She said investors were concerned about the Federal Reserve release on Wednesday of the minutes from the Jul 30-31 policy meeting when the US central bank cut the benchmark interest rate but Fed Chair Jerome Powell offered confusing signals about whether to expect additional rate cuts in 2019.
Kohl's, another retailer, sank 6.9 per cent as it reported a 2.9 per cent drop in comparable sales in the second quarter.