U.S. stocks mostly fell on Tuesday, with the S&P 500 holding above 2,000 after rising to another intraday record, as energy companies dropped along with the price of oil and investors fretted whether the European Central Bank would make further monetary policy moves this week.
“This sharp decline in commodity prices is certainly driving down materials and metals names,” said Peter Boockvar, chief market analyst at the Lindsey Group.
ECB President Mario Draghi’s “talk at Jackson Hole lit a fire, but people are waking up to the fact that he’s likely going to stick to further details of what he announced June 5,” added Boockvar.
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