Stocks on Wall Street gave up early gains and closed lower Tuesday after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases.
The S&P 500 fell 0.4% after having been up as much as 1% shortly after trading opened. The Dow Jones Industrial Average fell 0.2% and the Nasdaq composite dropped 0.9%.
Big technology stocks were the biggest weights on the market. The companies, with their big valuations, have more heft in pushing the broader market up or down. Also, rising interest rates tend to make the sector look less attractive because of those high valuations. Apple fell 1.8%.