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U.S. stocks slipped from records Tuesday after major indexes logged five consecutive days of gains.

The S&P 500 dropped 0.5%, while the Dow Jones Industrial Average fell 0.2%, or about 85 points. The technology-heavy Nasdaq Composite declined 1.2% as shares of big tech companies pulled back.

The three indexes closed at all-time highs Monday. The S&P 500 is up 17% in 2021, while the Nasdaq Composite has gained 14%.

“I wouldn’t write this off to anything more than taking a little bit of a breather after the pretty good rally that we saw last week,” said Jason Vaillancourt, co-head of global asset allocation at Putnam Investments.

U.S. stocks have been grinding higher as investors cheer strong corporate results and upbeat guidance from some of the largest American businesses. At the same time, concerns are lingering over the Delta-variant of Covid-19, supply-chain problems, a spike in inflation and cooling economic growth.

Source: WSJ

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