Wall Street indexes dip with focus on Trump policies, economic data
Wall Street's three major indexes closed lower on Tuesday as investors booked some profits from a post-election rally and waited anxiously for U.S. inflation data due this week.
The indexes had rallied to record highs since the Nov. 5 U.S. election as investors bet on a boost to equities from President-elect Donald Trump's proposed tax cuts and the prospect of easier regulatory policies.
But investor enthusiasm dampened on Tuesday with concerns around whether the next U.S. administration's policies would exacerbate inflation. European shares lost 2% as European Central Bank policymakers warned that increased tariffs from Trump would hamper global growth.
Some of the stocks expected to perform well under Trump gave back gains with shares in electric car maker Tesla closing down 6% on Tuesday after rising nearly 40% since Election Day.
The small-cap Russell 2000 index fell 1.8% after closing at a three-year high on Monday. And rising U.S. Treasury yields hurt equities as bond investors priced in Trump policies.
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