Weakness in energy and financial stocks snapped the S&P 500's and Nasdaq's seven-day winning streak. Alicia Powell reports.
Wall Street edged lower Tuesday, dragged down by financial and energy stocks. Weak inflation data reinforced views that the Federal Reserve might not raise interest rates again after June. And oil prices fell on concerns the proposed output cuts might not be enough to stem the global glut. PNC Asset Management's Bill Stone: SOUNDBITE: BILL STONE, GLOBAL CHIEF INVESTMENT STRATEGIST, PNC ASSET MANAGEMENT GROUP, (ENGLISH) SAYING: "Oil is I think off a little bit at the moment but I think that's again kind of a continuing trend that we've seen after the OPEC meeting that just didnt' come in higher than expectations. And that's kind of the backstory there." Energy stocks were the biggest losers on the S&P 500. Chesapeake, Kinder Morgan, Williams and Devon Energy among them. Financials Goldman Sachs and JPMorgan Chase weighed on the Dow. Amazon shares beat Alphabet in crossing the $1,000 mark before dipping back. Google's parent isn't far behind. European shares closed lower. Telecom and financials pulled down the indexes. In economics news, consumer spending in the U.S. jumped in April, rising at their quickest pace in four months. But the core personal consumption expenditures index that strips out food and energy posted its smallest gain since December 2015.