US stocks struggled to remain in record territory on Tuesday a day after investors’ renewed appetite for technology stocks sent both the S&P 500 and the Dow Jones Industrial Average to new intraday and closing highs.
The S&P pulled back 0.3 per cent to 2,446.12, with energy stocks the biggest drag after oil dropped to fresh 7-month lows. The energy sector fell 1.6 per cent and five out of 10 of the day’s worst performing stocks were energy-related.
The Dow was down by less than 0.1 per cent at 21,517.99. Losses in big oil were somewhat offset by a strong showing from McDonald’s and Merck.
The Nasdaq Composite, after posting its best day in more than eight months, retreated 0.2 per cent to 6,224.01.
Elsewhere, yields on long dated Treasury bonds fell after Treasury Secretary Steven Mnuchin said ultra long bonds “absolutely make sense” and that any issuance of 50 or 100 year debt won’t be a one off.
Yield on the 10-year note fell 2.1 basis points to 2.17 per cent, while that for the 30-year note dropped 3.1bps to 2.753.
Gold – which offers no yield – traded lower for the ninth time in 10 days – dropping 0.6 per cent to $1,248.14 per troy ounce.