Bank, tech stocks lead retreat after 4-day upswing

Banks and technology companies led a broad slide for stocks Tuesday on Wall Street, snapping the market’s four-day winning streak.

The S&P 500 lost 0.6%, giving back some of its gains from a day earlier. The pullback came as many forces are pushing and pulling on markets simultaneously. Coronavirus counts are rising at a worrying rate in many countries, a trend that’s increasing the urgency behind efforts to develop treatments.

On Tuesday, independent monitors paused enrollment in a study testing the covid-19 antiviral drug remdesivir plus an experimental antibody therapy being developed by Eli Lilly. The company said the study was paused “out of an abundance of caution.” The news followed a disclosure late Monday by Johnson & Johnson, which said it had to temporarily pause a late-stage study of a potential covid-19 vaccine “due to an unexplained illness in a study participant.”

The S&P 500 fell 22.29 points to 3,511.93. The Dow Jones Industrial Average dropped 157.71 points, or 0.55%, to 28,679.81. The Nasdaq composite gave up an early gain, slipping 12.36 points, or 0.1%, to 11,863.90.

Meanwhile, uncertainty about the prospects for more stimulus for the economy from Washington continues to hang over markets.

“Absent of getting any kind of fiscal stimulus, we’ve already seeing a leveling off in economic growth and some weakening under the surface, ” Liz Ann Sonders, chief investment strategist at Charles Schwab. “There’s concern that without that additional fiscal stimulus the economy could run into a little bit of trouble here.”

Stocks have been mostly pushing higher this month. Already the major stock indexes have recouped their losses from September’s market swoon.

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Tuesday’s market slide came as the third-quarter earnings reporting season got underway. Investors will be looking for some measure of clarity over

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