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Stocks closed marginally lower on Tuesday, taking a breather after posting strong gains to start off June.
The Dow Jones Industrial Average faded 14.17 points to finish at 26,048.51, erasing a gain of 185.99 points. The 30-stock index also snapped a six-day winning streak.
The S&P 500 slipped 1.01 points to 2,885.72. The industrials sector was the biggest laggard in the S&P 500, dropping 0.9% as Raytheon shares declined by 5.1%.
The NASDAQ Composite lopped off 0.6 points to 7,822.47.
Stocks are on pace for sharp monthly gains after a strong decline in May. The major indexes are all up nearly 5%. In May, the Dow and S&P 500 dropped more than 6% each while the NASDAQ slid nearly 8%.
Market expectations for lower rates by July sat around 78%. Investors are also pricing in a 97.1% chance of lower rates by December
Prices for the benchmark 10-year U.S. Treasury barely moved Tuesday, leaving yields at Monday’s 2.15%.
Oil prices stayed afloat 10 cents to $53.36 U.S. a barrel.
Gold prices gained $1.20 at $1,330.50 U.S. an ounce.
