After eight consecutive positive sessions, Wall Street hit a pause. The S&P 500 and Nasdaq 100 indices ended Tuesday’s session with slight declines, halting their best winning streaks since May 2024 and October 2023, respectively.
The day was characterized by a lack of economic data, leading to a significant drop in trading volumes across major U.S. stock exchanges.
Fed Governor Michelle Bowman delivered hawkish comments in the afternoon, stating that she still sees upside risks to inflation. This did little to improve an already negative session.
Bowman further emphasized that wage gains remain above the pace consistent with the Fed's inflation goal, and stressed the need to remain vigilant on the price-stability side of the Fed’s mandate while monitoring risks of a material weakening in the labor market.
Tuesday’s Major Drags On S&P 500, Nasdaq 100
The S&P 500, tracked by the SPDR S&P 500 ETF Trust SPY, closed down 0.2%. A similar drop was observed in the tech-heavy Nasdaq 100 index, as tracked by the Invesco QQQ Trust QQQ.
Sector performance saw three sectors finishing in positive territory and eight in the red:
- The Consumer Staples Select Sector SPDR Fund XLP rose 0.5%
- Health Care Select Sector SPDR Fund XLV rose 0.4%
- The Real Estate Select Sector SPDR Fund XLRE edged up by 0.1%.
On the downside, energy stocks led the laggards as WTI oil prices fell below $74 per barrel, marking a two-week low. The Energy Select Sector SPDR Fund XLE dropped 2.6%.
Among individual stocks, Nvidia Corp. NVDA was the biggest drag on the S&P 500, falling 2.1% and accounting for a 0.15 percentage point loss in the overall index. Exxon Mobil Corp. XOM was another significant negative contributor, falling 3.4% and shaving off 0.04 percentage points from the S&P 500 performance.
The worst performers in the S&P 500 were Insulet Corp. PODD and DexCom Inc. DXCM, which plunged 6.9% and 6.3%, respectively.
In the Nasdaq 100, Nvidia weighed down the index by 0.18 percentage points, followed by Broadcom Inc. AVGO, which contributed to a 0.05 percentage point loss. The tech index’s worst performers were DexCom and China’s PDD Holdings Inc. PDD, the latter dropping 4.6%.
Tuesday’s Worst Contributors To The S&P 500 Performance
| Company | Weight (%) | 1-day return (%) | Contribution |
| NVIDIA Corporation | 6.78 | -2.14% | -0.15pp |
| Exxon Mobil Corporation | 1.13 | -3.35 | -0.04pp |
| Broadcom Inc. | 1.55 | -1.05 | -0.02pp |
Tuesday’s Worst-Performing S&P 500 Stocks
| Company | 1-day return (%) |
| Insulet Corporation | -6.88 |
| DexCom, Inc. | -6.27 |
| Phillips 66 PSX | -5.00 |
Tuesday’s Worst Contributors To The Nasdaq 100 Performance
| Company | Weight (%) | 1-day return (%) | Contribution |
| NVIDIA Corporation | 8.26 | -2.14 | -0.18pp |
| Broadcom Inc. | 5.18 | -1.05 | -0.05pp |
| PDD Holdings Inc. | 0.67 | -4.55 | -0.03pp |
Tuesday’s Worst-Performing Nasdaq 100 Stocks
| Company | 1-day return (%) |
| DexCom, Inc. | -6.27 |
| PDD Holdings Inc. | -4.55 |
| Moderna, Inc. MRNA | -3.35 |
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