Tech and health care lead U.S. stocks lower

E-mini S&P 500 Index

Small-company stocks held up better than the rest of the market.

USA market indexes were lower on Tuesday.

Casino operators and equipment companies got a boost from a Supreme Court decision that cleared the way for states to legalize sports betting. The VIX Volatility Index was higher at 14.57 with a gain of 1.64 points or 12.68%. The yield on three-month Treasury bills just jumped above that on the S&P 500 for the first time since the financial crisis 10 years ago. The Dow Jones Industrial Average lost 193.07 points, or 0.8%, to 24,706.34, putting an end to a 8-day rally, the longest since last September.

Stocks are broadly higher at midday on Wall Street as investors hope that trade tensions will ease between the US and China.

On Sunday, the US President Donald Trump pledged to help the Chinese technology company ZTE to "get back into business quickly" after US sanctions hurt the Asian company significantly.

President Donald Trump tweeted over the weekend that the USA could ease sanctions on ZTE. Ulta Beauty added 1.1 percent to $249.64. South Korea's Kospi slipped 0.7 percent to 2,458.54 while Hong Kong's Hang Seng dropped 1.2 percent to 31,152.03.


The surge came after the Commerce Department said retail sales climbed 0.3 percent in April. Essex Property Trust fell 3.4 percent.

The broad sell-off followed a slide in bond prices, which sent the 10-year Treasury yield to its highest level in nearly seven years.

The health care (-1.3%) and tech (-1%) sectors also suffered large losses, while energy (+0.1%) was the only gainer, as June WTI crude settled 0.5% higher at $71.31/bbl.

US companies that would stand to benefit from an effort to rescue ZTE, a Chinese technology company hurt by USA tariffs, rose in early trading Monday.

KEEPING SCORE: The S&P 500 index fell 25 points, or 1 percent, to 2,704 as of 3:30 p.m. The Nasdaq Composite closed at 7,351.63 for a loss of -59.69 points or -0.81%.

ENERGY: Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. The euro weakened to $1.1884 from $1.1974.

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