“We’re seeing this battle play out here in markets every day,” he said. “That’s going to drive some churn.”
The S&P 500 lost 3.97 points to 4,073.94. The Dow Jones Industrial Average fell 96.95 points, or 0.3%, to 33,430.24. Both indexes set all-time highs Monday. The tech-heavy Nasdaq composite slipped 7.21 points, or 0.1%, to 13,698.38.
Small company stocks, which have been outgaining the broader market this year, also fell. The Russell 2000 index of smaller companies gave up 5.73 points, or 0.3%, to 2,259.15. The index is up 14.4% so far this year, while the S&P 500, which tracks large companies, is up 8.5%.