Stocks Little Changed as Market Rally Stalls

The Dow Jones Industrial Average and the S&P 500 slid on Tuesday as a recent rally on Wall Street lost steam.

The 30-stock index swooned 92.40 points at 36,112.04.

The S&P 500 dipped 2.6 points to 4,567.18.

The NASDAQ gained 44.42 points to 14,229.91.

GitLab jumped more than 11% after the open-source software development platform beat quarterly financial expectations and issued strong guidance for the current quarter. Nio climbed 1.5% after the Chinese electric vehicle maker reported narrowing losses in the third quarter.

Technology shares were boosted in particular following the data, pushing the Nasdaq into positive territory for the session. Notably, mega-cap tech stocks Apple and Nvidia each added 2%.

Tuesday’s moves follow Monday’s losing session for all three indexes, which called into question whether the market had run up too far too fast. Monday’s pullback came on the heels of five consecutive positive weeks for the three major averages.

Despite their recent performance, the three indexes are still up on the quarter and year. That underscores the strength of the market’s rally leading up to the current trading week.

Prices for the 10-year Treasury shot higher, dropping yields to 4.17% from Monday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices faded 65 cents to $72.39 U.S. a barrel.

Gold prices dropped $4.70 to $2,037.50.