Stock market erases gains; Nasdaq’s 77-day win streak in jeopardy

Early gains on Wall Street fizzled out with the S&P 500 and Nasdaq Composite trading in negative territory on Tuesday as tech and energy sectors came under pressure.

Stocks earlier shook off President Donald Trump’s decision to replace Secretary of State Rex Tillerson, choosing Central Intelligence Agency Director Mike Pompeo to take over the role.

Stocks rallied earlier after closely watched consumer-inflation data was in line with expectations, helping to placate worries rising prices would hasten interest-rate hikes by the Federal Reserve.

The S&P 500 index was down 0.4% at 2,773. Losses in the energy, technology and financials sectors outweighed gains in the rest of the market.

The Dow Jones Industrial Average % which earlier was up as much as 181 points, fell 101 poitns, or 0.4%, to 25,077. General Electric, American Express and Microsoft Corp were leading the losses.

The Nasdaq Composite Index retreated from an intraday record high set earlier, to trade 64 points, or 0.8%, lower at 7,524. If the index closes lower, it will break a seven-day winning streak.

Source: Marketwatch

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