Stocks fell on Tuesday as investors took profits in the technology and banking sectors while a drop in U.S. exports in March and multiple stock offerings from various companies dampened enthusiasm.
Among the heaviest weights were JPMorgan Chase & Co
In the technology sector, Apple Inc
On the economic front, data showed the U.S. trade gap widened in March for the first time in eight months, and exports fell 2.4 percent.
Tech products are included in the trade deficit. If there wasn't much exporting going on, tech would be in that mix, said Kim Caughey, senior investment analyst at Fort Pitt Capital Group in Pittsburgh.
She also said the decline in tech shares could be the result of investors booking profits after their recent spike.
The Dow Jones industrial average <.DJI> dropped 21.58 points, or 0.26 percent, to 8,397.19. The Standard & Poor's 500 Index <.SPX> fell 8.76 points, or 0.96 percent, to 900.48. The Nasdaq Composite Index <.IXIC> slid 26.12 points, or 1.51 percent, to 1,705.12.
Shares of Ford
Everyone is also watching the issuance of secondary (stock) offerings' Caughey added.
Energy companies' shares gained as U.S. crude oil futures rose 40 cents, or 0.7 percent, to $58.90 per barrel. Exxon Mobil Corp
Drug makers Merck & Co Inc
Since hitting 12-year closing lows in early March, the Dow Jones industrial average and the S&P 500 are up around 30 percent.
(Editing by Jan Paschal)