Stocks end lower, ending 8day winning streak

Stocks ended moderately lower on Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data.

The S&P 500 index lost

16.45 points, or 0.4%, to close at 4,685.25. The last time the S&P 500 had eight straight days of gains was April 2019. The Dow Jones Industrial Average fell 112.24 points, or 0.3%, ending at 36,319.98 and the Nasdaq lost 95.81, or 0.6%, to 15,886.54.

The market was pulled lower by companies that rely on consumer spending and technology stocks, which had driven the market higher in recent days.

Tesla lost 12% after its founder Elon Musk said he would sell 10% of his holdings in the electric car maker, based on the results of a poll he conducted on Twitter. The company’s stock is down more than 16% so far this week, however the stock is still up 45% so far this year.

Meanwhile Paypal — coincidentally a company co-founded by Musk more than two decades earlier — dropped

11% after the company’s cut its full-year outlook and revenue forecasts.

Paypal is facing increased competition from other financial technology companies like Square, Affirm and even traditional banks, who have moved decisively into Paypal’s online payments kingdom.

Robinhood fell 3.4% after the popular trading app reported a data breach the day before.

Bond yields also fell Tuesday. That pulled down the stock prices of banks, which rely on higher yields to charge more lucrative interest on loans. The yield on the 10-year Treasury fell to 1.44% from 1.49% late Monday.

Bank stocks like Citigroup, Bank of America and JPMORgan Chase closed down roughly 1% or more.

One stock that did well was General Electric, which rose 2.6%. The once-unstoppable corporate behemoth that made everything from lightbulbs to nuclear reactors announced it would break itself into three separate companies.