U.S. stocks fell in afternoon trading, with the S&P 500 down 0.8% and on track to snap a six-day winning streak. The Nasdaq fell 0.9%, while the Dow Jones Industrial Average dropped 250 points. The declines followed a recent rally fueled by easing trade tensions and investor optimism about President Trump's proposed tax and tariff policies.
However, growing concerns that investor relief over easing inflation and trade progress may be premature weighed on sentiment. A selloff in big tech companies dragged the market lower, with Alphabet down during the Google I/O event and additional losses at Nvidia, MetaTrader, Apple and Microsoft.
Tesla stood out as a rare market-cap gainer, rising 2% after Musk reiterated his commitment to stay on as CEO for the next five years. Caution also grew amid mixed earnings from Home Depot and fresh warnings from JPMorgan and Fed officials, including St. Louis Fed President Donald Trump. Louis Alberto Musalem, who noted that tariffs could weigh on the economic outlook and inflation. (alg)
Source: Trading Economics
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