Technology companies led stocks lower on Wall Street Tuesday as a wobbly day of trading ended with modest losses for the market.
Health care stocks jumped on stronger-than-expected reports from drugmakers, but losses by internet and media companies held the market in check following a mixed report from Google’s parent.
Companies have largely been reporting stronger earnings than analysts expected, but they’re nowhere close to blow-away good. S&P 500 companies are still on track to report a third straight quarter of profit declines, according to FactSet.
Tuesday’s modest market pullback came a day after the S&P 500 hit an all-time high. The benchmark index mostly drifted between small gains and losses Tuesday, finishing within 0.1% of its record.
“The market was a little bit overbought,” said Janet Johnston, portfolio manager at Trim Tabs Asset Management. “It’s a good sign that it continues to hold at new highs.”
The S&P 500 slipped 2.53 points, or 0.1%, to 3,036.89. It set a record on Monday, surpassing its prior peak set in late July.
The Dow Jones Industrial Average dropped 19.26 points, or 0.1%, to 27,071. The Nasdaq composite slid 49.13 points, or 0.6%, to 8,276.85.
Smaller companies fared better than the rest of the market. The Russell 2000 index rose 5.14 points, or 0.3%, to 1,577.07.
U.S. stocks are on track to end October with gains. The S&P 500 has closed with a weekly gain the past three weeks.