NEW YORK — U.S. stocks declined in early trading Tuesday, giving up many of the market’s gains from a day earlier. Losses in banks, technology stocks and industrial companies outweighed gains elsewhere in the market. Homebuilders slumped on renewed concerns that the outlook for home sales is dimming. Bond prices rose, sending yields sharply lower.
KEEPING SCORE: The S&P 500 index fell 17 points, or 0.6 percent, to 2,772 as of 10:06 a.m. Eastern Time. The Dow Jones Industrial Average dropped 206 points, or 0.8 percent, to 25,619. The Nasdaq composite lost 48 points, or 0.7 percent, to 7,392. The Russell 2000 index of smaller-company stocks gave up 9 points, or 0.6 percent, to 1,539.
U.S. stock markets will be closed Wednesday in observance of a national day of mourning for former President George H.W. Bush.
HOUSING HICCUP: Homebuilders traded lower after luxury homebuilder Toll Brothers reported fiscal fourth-quarter earnings that topped Wall Street’s forecasts, but also issued a cautious assessment of the housing market.
Toll’s shares slumped 9.5 percent to $30.33.
TAKING A BITE: Apple fell 2.1 percent to $180.94 after the consumer electronics giant was downgraded by HSBC analysts, citing the possibility that iPhone volume and value growth may moderate due to a saturated mobile phone market.
DISAPPOINTING DOLLAR: Discount retail chain Dollar General slid 5.6 percent to $105.50 after the company reported weak quarterly results.
REVVED UP: AutoZone climbed 4.2 percent to $859.11 after the auto parts retailer delivered third-quarter earnings that exceeded analysts’ forecasts.