Wall Street Ends Winning Streak as Travel Stocks Drag Markets Lower
U.S. stock markets declined on Tuesday, breaking a six-day winning streak as investor momentum cooled following a recent rally that brought indexes within reach of record highs, as per The AP.
The S&P 500 dipped 0.4%, marking its first loss in a week, though it remains just 3.3% below its all-time high. The Dow Jones Industrial Average fell 114 points, or 0.3%, while the tech-heavy Nasdaq composite also slipped 0.4%.
Tuesday’s pullback came as Treasury yields and the U.S. dollar held steady following a brief market shake-up on Monday, triggered by Moody’s Ratings decision to strip the U.S. government of its top-tier credit rating. The downgrade cited concerns about mounting federal debt.
Some of the steepest losses came from the travel sector, where growing concerns about U.S. consumer spending weighed on investor sentiment. Shares of Airbnb declined 3.3%, Norwegian Cruise Line lost 3.9%, and United Airlines dropped 2.9%. Viking Holdings, despite reporting better-than-expected quarterly results, tumbled 5%.
Home Depot shares fell 0.6% after the home-improvement giant reported earnings that narrowly missed analyst profit forecasts, though its revenue beat expectations. The company reaffirmed its full-year outlook for profit and sales growth.
