The S&P 500 drifted lower Tuesday, snapping the index’s five-session win streak.
Shares of Priceline Group and TripAdvisor posted double-digit losses, making them the S&P 500’s biggest percentage decliners after the online travel companies disappointed investors with their quarterly results. Meanwhile, falling bond yields pressured bank stocks, and proposed deals swung shares of chip makers and media companies.
“Put together a lot of speculative M&A transactions and earnings and you get a good cocktail to move markets,” said Michael Scanlon, a portfolio manager at Manulife Asset Management.
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