Good news on the U.S. economy is back to being bad for Wall Street.
The S&P 500 swung to a loss of 1.1 percent after a pair of reports on the economy came in better than expected. The Dow Jones Industrial Average dropped 0.4 percent, and the Nasdaq composite tumbled 1.9 percent.
While the strong reports on the U.S. job market and business activity were good news for anyone worried about a possible recession, they could also make it less likely the Federal Reserve will cut interest rates.
Treasury yields jumped after the reports, and Nvidia and other Big Tech stocks took some of the heaviest hits.
On Tuesday:
The S&P 500 fell 66.35 points, or 1.1 percent, to 5,909.03.
The Dow Jones Industrial Average fell 178.20 points, or 0.4 percent, to 42,528.36.
The Nasdaq composite fell 375.30 points, or 1.9 percent, to 19,489.68.
The Russell 2000 index of smaller companies fell 16.84 points, or 0.7 percent, to 2,249.81.
For the week:
The S&P 500 is down 33.44 points, or 0.6 percent.
The Dow is down 203.77 points, or 0.5 percent.
The Nasdaq is down 132.00 points, or 0.7 percent.
The Russell 2000 is down 18.67 points, or 0.8 percent.
For the year:
The S&P 500 is up 27.40 points, or 0.5 percent.
The Dow is down 15.86 points, or less than 0.1 percent.
The Nasdaq is up 178.89 points, or 0.9 percent.
The Russell 2000 is up 19.65 points, or 0.9 percent.
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