Most U.S. stocks fell after an update on inflation hurt Wall Street’s hopes for lower interest rates.
The S&P 500 fell 0.4% Tuesday, and the Dow Jones Industrial Average lost 1%.
Stocks felt pressure from a report showing inflation in the United States accelerated to 2.7% last month from 2.4% in May. That could help keep the Federal Reserve from cutting interest rates.
Tech stocks were more resilient, thanks to a strong gain for Nvidia. It and other tech stocks helped drive the Nasdaq composite 0.2% higher to another record.
On Tuesday:
The S&P 500 fell 24.80 points, or 0.4%, to 6,243.76.
The Dow Jones Industrial Average fell 436.36 points, or 1%, to 44,023.29.
The Nasdaq composite rose 37.47 points, or 0.2%, to 20,677.80.
The Russell 2000 index of smaller companies fell 44.68 points, or 2%, to 2,205.05.
For the week:
The S&P 500 is down 15.99 points, or 0.3%.
The Dow is down 348.22 points, or 0.8%.
The Nasdaq is up 92.27 points, or 0.4%.
The Russell 2000 is down 29.77 points, or 1.3%.
For the year:
The S&P 500 is up 362.13 points, or 6.2%.
The Dow is up 1,479.07 points, or 3.5%.
The Nasdaq is up 1,367.01 points, or 7.1%.
The Russell 2000 is down 25.10 points, or 1.1%.