Stocks Slide as Banks Weigh, Tech Weakness Persists | Closing Bell

Summary

Stocks closed lower for a second straight day as bank earnings weighed and tech weakness persisted, though market breadth was positive with more than 300 S&P 500 names gaining. The Russell 2000 outperformed for a ninth straight session, the longest streak since 1990, while Treasury yields fell on economic data. Saks filed for bankruptcy, and a new NYC Token was criticized as a rug pull.

• S&P 500 fell for a second day; Nasdaq dropped about 1%.
• Bank of America, Wells Fargo, and Citigroup declined after earnings on expense concerns.
• Market breadth was positive with 318 S&P 500 names higher; Russell 2000 outperformed for ninth straight day.
• Treasury yields fell, with 10-year and 30-year yields seeing largest one-day drop in about two months.
• Saks filed for Chapter 11 bankruptcy, raising concerns about brick-and-mortar retail.
• Former NYC Mayor Eric Adams promoted NYC Token, which surged then crashed under $0.10.
• Software and tariff-related retail stocks saw weakness.