Wall Street’s main indexes finished down on Tuesday, the first session following the Labor Day weekend and summer vacations in the United States. According to the Institute for Supply Management, the US services industry expanded for the second month in a row in August.
S&P Global data, however, indicated that the services sector Purchasing Managers’ Index fell short of flash predictions for August. The tech-heavy Nasdaq fell for the seventh day in a row, its worst losing streak since November 2016.
Amazon.com Inc and Microsoft Corp saw their rate-sensitive shares fall roughly 1% as benchmark US Treasury rates surged to their highest levels since June. The S&P 500 is down about 18% this year, while the Nasdaq is down more than 26%.