distribute economy today: Wall Street slips as the Trump trade cools

recent YORK — U.S. stocks are slipping Tuesday as some momentum comes out of the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential win.

The S&P 500 was 0.3% lower in afternoon market activity, coming off its latest all-period high. The Dow Jones Industrial Average was down 242 points, or 0.6%, as of 12:03 p.m. Eastern period, and the Nasdaq composite fell 0.2%.

Stocks have been broadly rising on expectations that Trump’s preference for lower levy rates and other policies will cruel faster market advancement, as well as bigger U.S. government obligation and higher expense boost. Some areas of the economy have launched on particularly high-grade fuel, such as smaller U.S. stocks seen as benefiting the most from Trump’s America First ideas.

They gave back some of their large gains on Tuesday, and the Russell 2000 index of smaller companies slipped 1.5%. Even Tesla, which is run by Trump’s friend Elon Musk, sank. It fell 3.7% and was on track for its first deficit since before Election Day last week.

The distribute that’s become most entwined with Trump’s popularity, Trump Media & Technology throng, fell 8.2%.

Helping to offset such losses was Live country Entertainment, which joined the lengthening list of U.S. companies delivering stronger returns for the summer than analysts expected. The corporation behind Ticketmaster said concert fans around the globe are spending more to listen artists, and it said trends are already encouraging for 2025 stadium tours for Coldplay and others. Its distribute rose 4.5%.

Tyson Foods jumped 8.6% after likewise topping analysts’ forecasts for returns. The producer of beef, chicken and pork also raised its payout for investors.

Home Depot pulled back 0.8% despite beating analysts’ returns expectations, as it continues to contend with a pullback in spending by customers.

Mosaic fell 8.2% after the producer of crop fertilizers reported weaker returns and turnover for the latest quarter than analysts expected. It also named a recent chief financial officer.

In the crypto economy, bitcoin soared to another record before pulling back. Trump has embraced cryptocurrencies generally and pledged to make his country the crypto financing of the globe. Bitcoin got as high as $89,995, according to CoinDesk, before dropping back toward $87,000. It started the year below $43,000.

In the debt safety economy, Treasury yields rallied as market activity of U.S. national securities resumed following Monday’s Veterans Day holiday.

The yield on the 10-year Treasury climbed to 4.42% from 4.31% late Friday.

Treasury yields have climbed sharply since September, in large part because the U.S. economy has remained much more resilient than feared. The aspiration is that it can continue to remain solid as the Federal savings continues to cut yield rates in order to keep the job economy humming, now that it’s helped get expense boost nearly down to its 2% target.

Some of the rise in yields has also been because of Trump. He talks up tariffs and other policies that economists declare could drive expense boost and the U.S. government’s obligation higher, along with the economy’s growth.

Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also provide expense boost more fuel.

The next update on expense boost will arrive on Wednesday, when the U.S. government gives the latest reading on prices that U.S. consumers are paying. Economists expect it to display expense boost accelerated a bit to 2.6% in October from 2.4% the month before. But they’re looking for underlying expense boost trends, which ignore prices for groceries and fuel that can jump sharply from month to month, to remain steady at 3.3%.

In distribute markets abroad, indexes fell across much of Europe and Asia. Hong Kong’s Hang Seng dropped 2.8% for one of the worst falls. The Hang Seng closed below the 20,000 level for the first period since China announced a stimulus package in September.

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AP Business Writer Yuri Kageyama contributed.