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Stocks fell Tuesday, with the three major indexes looking for dip for a second straight session.
The Dow and S&P 500 each slid further below their recent all-time highs. Cyclical travel and leisure stocks including airlines and cruise lines slid, while Big Tech stocks dipped even as the benchmark 10-year Treasury yield edged lower.
"It's really been an amazing tug-of-war between growth and value, cyclicals and defensives. Tech has outperformed phenomenally well over the last three to four weeks. But what we're seeing ... is a little bit of a move underneath the surface," Andrew Smith, Delos Capital Advisors, told Yahoo Finance on Monday.
"While the headline sectors really underperformed from the technology, consumer discretionary perspective, we have looked at industry groups, and we've seen tech hardware do well. We've seen software services continue to do well," he added. "And we think that really is an economic function – that the momentum that we've seen in the V-shaped reflationary recovery is now set to pull back and wane a bit, and we're going a little bit more growth-y [and] defensive, in the markets."
Despite the recent dips, stocks still remain near all-time highs and have already rallied 10.8% for the year-to-date, leading some analysts to speculate that sentiment may be running too hot.
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