US equity indexes fell in midday trading Tuesday as investors shifted to a defensive mood and lightened exposure to growth.
The Nasdaq Composite slid 0.4% to 19,135.2, with the S&P 500 down 0.3% to 5,946.3, and the Dow Jones Industrial Average 0.2% lower at 42,725.5. Consumer staples, healthcare, and utilities were the only gainers while technology led the pack among decliners intraday.
Gold futures jumped 1.5% to $3,280.61 per ounce.
US Treasury yields traded mixed intraday. The US 10-year was up less than one basis point to 4.48%, after trading lower earlier in the session. The two-year rate fell 1.5 basis points to 3.97%.
West Texas Intermediate crude oil futures fell 0.4% to $62.43 a barrel.
In economic news, Redfin (RDFN) said Tuesday that US home prices dropped 0.1% in April on a seasonally adjusted basis, the first sequential decline since September 2022. Home prices rose 4.1% from a year ago, versus 4.9% growth in March and the lowest annual price growth since July 2023.
In company news, Pfizer (PFE) secured exclusive global rights, excluding China, to biopharmaceutical firm 3SBio's cancer treatment candidate in a licensing deal worth up to $6.05 billion.
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