Wall St stocks slip; weakness in energy and tech


Stocks slid on Tuesday as energy shares pulled back, creating a breather in the market’s recent rally.

Volume was lighter than average, totaling about 3.5 billion shares around midday. Volume on Monday was the lowest so far this year.

Energy stocks have been among the market’s leaders in the recent rally, with the S&P energy index up 45 percent since the start of September, while the benchmark S&P 500 is up 26 percent.

On the day, Exxon Mobil (XOM.N) was down 2.2 percent to $83.06, while the S&P energy index (.GSPE) was down 1.1 percent, as oil prices slumped.

Technology, too, has outperformed the broader market in that period, with the S&P tech index (.GSPT) up 33 percent.

Shares of JDS Uniphase Corp (JDSU.O) dropped 7.5 percent to $25.81 after Bernstein cut its rating on the stock to “market-perform” from “outperform.”

An index of semiconductors (.SOX) was down 0.8 percent.

“It’s getting a little sloppy after the huge run we’ve had,” said Robert Francello, head of equity trading for Apex Capital in San Francisco.

But he said the market could still end higher. “No matter what we throw at it, there seems to be a bid for the market.”

Shares of NYSE Euronext (NYX.N) fell 3.3 percent at $38.14 after it agreed to be acquired by Deutsche Boerse (DB1Gn.DE) to create the world’s largest exchange operator. The deal dodges key questions that could threaten its completion.

Shares of other U.S. exchanges also fell, including Nasdaq OMX Group Inc (NDAQ.O), off nearly 5 percent at $28.16.

The Dow Jones industrial average (.DJI) was down 34.59 points, or 0.28 percent, at 12,233.60. The Standard & Poor’s 500 Index (.SPX) was down 3.10 points, or 0.23 percent, at 1,329.22. The Nasdaq Composite Index (.IXIC) was down 6.81 points, or 0.24 percent, at 2,810.37.

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