US stock indexes fell on Tuesday as momentum slowed for Wall Street after it rallied from a deep hole nearly all the way back to its all-time high set earlier this year.
- The S&P 500 fell 23.14 points, or 0.4%, to 5,940.46 for its first drop in seven days, but it's still within 3.3% of its record.
- The Dow Jones Industrial Average fell 114.83 points, or 0.3%, to 42,677.24.
- The Nasdaq composite fell 72.75 points, or 0.4%, to 19,142.71.
Several of the stock market's worst losses came from companies in the travel industry, as doubts continue about how much US households will be able to spend on vacations, the
AP reports.
Airbnb dropped 3.3%, Norwegian Cruise Line fell 3.9%, and United Airlines lost 2.9%. Viking Holdings fell 5% even though the company, which offers river cruises and other trips, reported stronger results than analysts expected for the latest quarter. Home Depot slipped 0.6% after reporting a profit for the start of the year that came up just short of analysts' expectations, though its revenue topped forecasts. The home-improvement retailer also said it's sticking with its forecasts for profit and sales growth over the full year and it doesn't expect to raise prices because of tariffs.
On the winning side of Wall Street was D-Wave Quantum, which jumped 25.9% after releasing its latest quantum computing system. The company says it can solve complex problems beyond the reach of classical computers. Treasury yields and the value of the US dollar held relatively stable following a brief jolt Monday morning after Moody's Ratings said the US government no longer deserves a top-tier credit rating because of worries about its spiraling debt. (More stock market stories.)