US stocks closed lower Tuesday, ending the market’s longest winning streak in more than two years. The S&P 500 fell 0.4%. The Dow Jones Industrial Average lost 0.3% and the Nasdaq fell 0.6%. Tesla slumped again, losing 12% after its CEO Elon Musk said over the weekend he would abide by results of a poll in which he asked his millions of followers on Twitter whether he should sell 10% of his stake in the company. They said he should, and the company is down roughly 15% so far this week. The S&P 500 fell 16.45 points Tuesday to 4,685.25. The Dow Jones Industrial Average fell 112.24 points to 36,319.98. The Nasdaq fell 95.81 points to 15,886.54.
PayPal slumped more than 11% after cuttings its profit and revenue forecasts for the year. Robinhood fell 3% after the popular trading app reported a data breach the day before, the AP reports. Auto companies and travel-related companies slipped. Ford fell 2% and Carnival fell 1.4%. Sectors that are considered less risky, including household product makers and utilities, held up better than the rest of the market. A mix of solid earnings and corporate updates helped lift several stocks. General Electric rose nearly 3% after saying it would split into three companies. Zynga, which makes "FarmVille" and other online games, rose 8.5% after giving investors an encouraging revenue forecast.
Investors received another reminder from the Labor Department that rising inflation remains persistent. The agency reported that inflation at the wholesale level rose 8.6% in October from a year earlier, matching September’s record annual gain. The Labor Department will release its Consumer Price Index for October on Wednesday, giving a more detailed picture on how inflation is impacting consumers. Inflation remains a key concern for investors, especially as the Federal Reserve moves ahead with plans to trim back, or taper, its bond purchases that have helped maintain low interest rates. (More stock market stories.)
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