Stocks took another step back from recent record highs on Tuesday, notching their biggest losses since June, as investors digested remarks from two Federal Reserve officials.
The Dow Jones Industrial Average fell 93.39 points, or 0.6%, to 15,518.74.
The Nasdaq lost 27.18 points, or 0.7% to 3,665.77.
The S&P 500 was lower by 9.77 points, 0.6%, to 1,697.37.
There were positive data points out today, as June job openings and home prices rose, and the U.S. trade deficit declined more than expected.
However, investors were mostly concerned over remarks made by the Fed Chiefs of Chicago and Atlanta. Dennis Lockhart told Market News International the central bank could start curtailing its bond-buying program at any of three remaining Federal Open Market Committee meetings this year. Separately, Charles Evans said he wouldn’t rule out the central bank curtailing its purchases at its September policy meeting.
Big gainers today included Fossil (FOSL) and Michael Kors (KORS), which both bounced on better-than-expected earnings reports. Valero Energy (VLO) and other refiners jumped after the Environmental Protection Agency released its final targets for required renewable fuel use.
It was another down day for J.C. Penney (JCP) as analysts sparred over its cash burn, while CVS Caremark (CVS) dipped on its earnings report.
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