Stocks on Wall Street fell slightly after straddling the breakeven line in a choppy session Tuesday. Investors continued to try to assess the path of inflation after Fed officials downplayed pressure on rising prices.
The Dow and S&P 500 shed more than a fifth of a percent while the Nasdaq finished flat.
Systematic Ventures CEO Max Wolff thinks stocks may have topped out for now.
“I think today but a little bit more of the last two weeks, we’ve been seeing a lack of upside catalyst. There’s not really anything for the market to kind of coalesce around.”
Energy was the weakest sector with Exxon Mobil down 2%. The oil giant was the biggest drag on the S&P. Sources said Exxon’s second largest shareholder, BlackRock, is backing several dissidents to shake up its board.
Lordstown Motors shares dropped 7%. The electric vehicle startup cut its production forecast for the Endurance truck in half. It also said it needs more capital to carry out its plans.
But airline stocks ascended. United Airlines and Hawaiian Holdings issued upbeat outlooks for air traffic and ticket sales.