All 3 major U.S. indices fell today, ending a 3-day rally. The Dow fell 0.65% as the S&P dropped 0.78% and Nasdaq finished 0.68% lower. Banks and chip stocks dragged the market.
slid 0.7% to 7,948.56. The major indexes fell to their session lows in the final minutes of the trading session as Treasury yields declined as well.
"When you're on a roller coaster, the only thing you can be sure of is you'll end up back where you started," said Brian Nick, chief investment strategist at Nuveen, noting the market is back where it was a year ago. "We haven't gone much of anywhere because the economy is moving ahead, but the trade war is setting up these intermittent potholes and the global economy keeps slowing in the background.
"I think yields moving down, just kind of got them going. For the past two weeks whenever yields move down, stocks move down," said Art Cashin, director of NYSE floor operations at UBS. Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange.Nonetheless, The Washington Post and New York Times both reported the Trump administration was discussing a cut to payroll taxes as a way to mitigate slower economic growth. A White House official pushed back on the reports, saying cutting payroll taxes ". " Trump later said on Tuesday that payroll taxes are a matter he had been thinking about.
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