LIVE MARKETS-A case of the Tuesdays: Wall Street falters, S&P 500 ends green streak

Reuters
21 May
LIVE MARKETS-A case of the Tuesdays: Wall Street falters, S&P 500 ends green streak

Main US indexes close modestly lower

Energy weakest S&P sector; Utilities lead gainers

Dollar down; crude slips; bitcoin up >1%; gold up ~2%

US 10-Year Treasury yield flat at ~4.48%

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A CASE OF THE TUESDAYS: WALL STREET FALTERS, S&P 500 ENDS GREEN STREAK

With scant economic/geopolitical news to feed risk appetite, investors took some money off the table on Tuesday as the week trudged closer to Memorial Day.

With weakness in tech .SPLRCT and communication services .SPLRCL, all three major U.S. stock indexes lost ground on the day. The S&P 500 .SPX snapped its six-day winning streak.

Underperformers included transports .DJT, viewed by many as an economic barometer, and housing .HGX. But among subsectors, airlines .SPCOMAIR were the day's biggest loser, ending the session down 1.9%.

Market participants noted the apparent inability of the Republican-led U.S. Congress to pass President Trump's sweeping $4.5 trillion tax cut bill, despite the President's efforts to convince hold-outs.

Among assorted monetary policymakers to speak today, St. Louis Federal Reserve President Alberto Musalem said uncertainties over Trump's policies have had a "meaningful" effect on the economic outlook.

Wednesday appears to be promising a similar dearth of catalysts, with mortgage demand data and a smattering of retail earnings - notably from Lowe's LOW.N and Target TGT.N.

Investors will be interested in hearing from the respective Home Depot HD.N and Walmart WMT.N rivals on the topic of tariffs and whether they will result in price hikes. For those keeping score, Walmart said they will and Home Depot said they won't.

Here's your closing snapshot:

(Stephen Culp)

*****

TUESDAY'S EARLIER LIVE MARKETS POSTS:

TSA TRAFFIC DIPS, AIRLINES LOSE ALTITUDE ON AIR TRAFFIC CONTROL GLITCHES, DAMPENED TOURISM DEMAND CLICK HERE

BOFA CLIENTS TURN AWAY FROM TECH CLICK HERE

BUYBACK ANNOUNCEMENTS LOOKING TO OUTPACE 2024 CLICK HERE

AND THEN IT WAS TUESDAY: STOCKS SHUFFLE LOWER CLICK HERE

S&P 500 INDEX STREAKING TOWARD ITS HIGHS CLICK HERE

EUROPE: SHORT COVERING RALLY ON ITS WAY? CLICK HERE

EUROPEAN TELCOS AT A STRUCTURAL INFLECTION POINT CLICK HERE

FORGET THE DOWNGRADE: "PERFECT WEEKS" FLASH BULLISH SIGNAL CLICK HERE

WHAT IF THE JUNE ECB CUT IS THE LAST ONE? CLICK HERE

EUROPEAN SHARES MUTED, UTILITIES LEAD CLICK HERE

EUROPE BEFORE THE BELL: FUTURES SIGNAL HIGHER OPEN CLICK HERE

MARKETS MOODY AS TRADERS LOOK FOR TRADE DEALS CLICK HERE

Closing snapshot https://www.reuters.com/graphics/USA-STOCKS/egpblxqynpq/closer.png

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