Tech, banks slow markets amid earnings reports

Stocks fell for the second straight day Tuesday, giving up more of their recent gains as Wall Street shifts its focus on a busy week of corporate earnings reports.

The S&P 500 fell 0.7%. The benchmark index has now lost nearly all of its gain from last week. Apple fell 1.3% as part of a broad slide in technology companies. Banks also accounted for a big share of the selling, which came as bond yields fell, reversing course after moving higher on Monday.

The yield on the 10-year Treasury fell to 1.56% from 1.60%. Bank of America dropped 2.8% and Citigroup slid 3.2%.

The S&P 500 fell 28.32 points to 4,134.94. The Dow Jones Industrial Average lost 256.33 points, or 0.8%, to 33,821.30. Both the S&P 500 and Dow hit all-time highs on Friday. After shedding an early gain, the technology-heavy Nasdaq slid 128.50 points, or 0.9%, to 13,786.27.

The Russell 2000 index of smaller company stocks, which has been outpacing the broader market all year, took a heavier loss, shedding 43.79 points, or 2%, to 2,188.21.

Investors are in the middle of first-quarter earnings season. Roughly 80 members of the S&P 500 will report their results this week, as well as one out of every three members of the Dow. Wall Street will be looking to see if Corporate America is recovering with the rest of the economy from the coronavirus pandemic.

On average, analysts expect quarterly profits across the S&P 500 to be up 24% from a year earlier, according to FactSet.

United Airlines slid 8.5% after reporting a loss that was wider than analysts were expecting, and drugmaker Abbott Laboratories fell 3.6% after reporting revenue that fell short of forecasts.