Stocks on Wall Street experienced a slight decline on Tuesday as investors waited for key events scheduled for Wednesday, including an inflation report and the Federal Open Market Committee (FOMC) meeting. The S&P 500 dropped by 0.2% by midday, marking its worst performance of the month so far.
While the overall market was down, the Nasdaq 100, driven by a strong rally in Apple Inc. (NASDAQ:AAPL), managed to avoid losses. Apple surged by 5.9%, following positive analyst notes after the WWDC event on Tuesday.
Blue-chip stocks in the Dow Jones fell by 0.7%, with small-cap stocks performing even worse with a 1% decline. Treasury yields remained steady, with the 10-year note holding at a 4.46% yield.
Commodities, such as gold, silver, and WTI crude oil, saw declines or remained stable throughout the day. Bitcoin (CRYPTO: BTC) was the biggest underperformer, dropping over 4% to $66,500, marking its worst daily performance since late April.
In terms of major US indices and ETFs, the Nasdaq 100 remained flat, while the S&P 500 and Dow Jones both experienced declines. The Russell 2000 was down by 1%. Sector-wise, the Technology Select Sector SPDR Fund outperformed, while the Financials Select Sector SPDR Fund lagged.
Some notable stock movers on Tuesday included FMC Corp. (NYSE:FMC), NextEra Energy Inc. (NYSE:NEE), State Street Corp. (NYSE:STT), BlackRock Inc. (NYSE:BLK), Affirm Holdings Inc. (NASDAQ:AFRM), and DXC Technology Company (NYSE:DXC).
Overall, the market was cautious ahead of key events on Wednesday, with some stocks performing well while others faced challenges.