U.S. stock benchmarks on Tuesday halted a multiday win streak as industrials and utilities shares slumped. The Dow Jones Industrial Average DJIA, -0.05% finished down about 14 points, or less than 0.1%, at 26,048, while the S&P 500 index SPX, -0.03% closed in negative territory but virtually unchanged at 2,885, and the Nasdaq Composite Index COMP, -0.01% ended the session flat at 7,822 (on a preliminary basis). U.S. stock indexes kicked off the session firmly higher on reports that China was planning a batch of fresh economic stimulus but benchmarks lost altitude in midday trade. Lingering Sino-American tariff tensions have undercut some appetite for assets perceived as risky, like stocks. China’s foreign ministry on Tuesday said it would respond firmly if the U.S. insisted on escalating its standoff with China, Reuters reported. In corporate news, shares of alternative-meat company Beyond Meat Inc. BYND, -25.02% tumbled 25%, marking its worst day as a publicly traded company after a JPMorgan Chase & Co. analyst cut his rating on the stock to neutral from overweight.
U.S. stocks came off intraday highs to close lower Tuesday, with the Dow snapping a six-day win streak, as investors digested a new round of posturing on the U.S.-China trade standoff.