© Reuters
By Yasin Ibrahim
Investing.com — The S&P 500 fell on Tuesday after swinging between gains and losses as technology struggled to fight off a jump in Treasuries following stronger-than-expected economic data.
It fell 0.5%, lost 0.60%, or 188 points, down 0.74%.
Tech edged lower as bigger-than-expected services data awaited hopes for a stronger Federal Reserve later this month.
Inches higher to 56.9 from 56.7, above the 55.1 consensus.
The probability of a 75-basis point hike rose to 75%, up from 63% a day earlier.
Treasury yields rose sharply following strong economic data, rising to fresh three-month highs.
Apple Inc. (NASDAQ: ), Microsoft Corp. (NASDAQ: ) and MetaPlatforms (NASDAQ: ) flirted with gains and losses, but remained in the red.
Sentiment in tech has been dampened by a slide in China’s tech stocks after the release of new Covid-19 restrictions in the tech hub of Shenzhen on Monday.
Ali Baba (NYSE: ) was among those down more than 3%.
The industry was unchanged on the day, supported by signs of strong air travel demand as airline inventories rose.
About 2.4 million passengers passed through U.S. Transportation Security Agency checkpoints on Sept. 5, compared to 2.3 million in the 2019 pre-pandemic.
Alaska Air Group (NYSE: ), American Airlines (NASDAQ: ) and United Airlines (NASDAQ: ) were in the green, with the latter up more than 3 percent.
Bed Bath & Beyond (NASDAQ:) Meanwhile, the home-furnishings retailer’s CEO Gustavo Arnal died by suicide on Friday, sliding more than 18%.
In other news. Discovery of the digital world Corp. (NASDAQ: ) fell more than 16 percent after it struck a SPAC deal with Trump Media and Technology Group last year after failing to get enough shareholder support for a one-year extension to complete the deal.
