Stocks gyrate to loss

Stocks dropped on Wall Street on Tuesday, the most volatile trading day this month, as House Democrats met during the day to consider a potential impeachment probe of President Donald Trump and a report showed a drop in consumer confidence.

After a higher open, stocks declined as the Conference Board, a business research group, reported that its consumer confidence index fell to 125.1 in September from a revised reading of 134.2 in August. That’s worrisome because consumer spending has underpinned the economy during a slowdown in manufacturing.

The swings in stocks Tuesday disrupted the relative calm that has distinguished the market in September. Traders sought safety; they piled into bonds, sending yields sharply lower.

Bank shares slid on the lower bond yields. The lower yields hamper a bank’s ability to raise interest rates on loans. Citigroup lost 2.4%.

Traders bid up the stocks of utilities and makers of household goods. All other sectors of stocks declined. Traders also turned away from smaller companies’ stocks.

Technology stocks accounted for a big slice of the market’s decline. Chipmaker Intel fell 2.1%, and Qualcomm dropped 2.6%.

Energy stocks also sank as crude oil prices fell. Schlumberger slid 4.7%, and Halliburton gave up 5.4%.

Trade news was a factor in Tuesday’s trading. Investors were optimistic after U.S. Treasury Secretary Steven Mnuchin confirmed that trade negotiations with China will resume the week of Oct.7. But Trump dampened that sentiment with remarks before the U.N. General Assembly threatening more tariffs.