Index closes
US stocks closed lower. The S&P 500 fell 0.38% to 7,521. The Nasdaq 100 lost 0.6% to 27,741. The Dow slipped 0.3% to 52,232. The Russell 2000 fell 0.68% to 2,821, the weakest of the four.
Macro & after the close
The pullback follows Monday's broad rally. The S&P 500 gained 2.35% then, its best day since April 8, as oil fell. Oil dropped on renewed hopes for a diplomatic resolution to the U.S.-Iran conflict. That eased inflation worries and helped stocks recover after last week's tech selloff.
Themes
Electrical & grid infrastructure ▼ median −4.13%: FSLR −5.55%, BE −4.36%, GEV −3.89%, GNRC −3.69%
Homebuilders ▼ median −3.89%: LEN −5.37%, PHM −3.89%, DHI −3.80%
Electrical and grid infrastructure stocks fell together, with a median move of -4.13%. First Solar (FSLR) lost 5.55%, Bloom Energy (BE) 4.36%, GE Vernova (GEV) 3.89% and Generac (GNRC) 3.69%.
Homebuilders also fell, with a median move of -3.89%. Lennar (LEN) dropped 5.37%, PulteGroup (PHM) 3.89% and D.R. Horton (DHI) 3.8%.
