Stock market today: Wall Street moves further away from its historic highs

NEW YORK (AP) Wall Street slipped further from its record highs on Tuesday.

The S&P 500 fell 14.61 points, or 0.3%, to 5,203.58 for its third consecutive modest decline since hitting an all-time high.

The Dow Jones Industrial Average fell 31.31, or 0.1%, to 39,282.33, and the Nasdaq composite fell 68.77, or 0.4%, to 16,315.70.

Stock indexes were slightly higher for much of the day thanks to several Big Tech stocks. Tesla rose 2.9% and Alphabet rose 0.4%. But a drop in Nvidia late in the day ended up helping to drag the market down. It fell 2.5%.

Several small businesses have taken some of the most dramatic steps. Krispy Kreme soared 39.4% after announcing a deal under which McDonald's restaurants will sell its donuts across the country. It will debut later this year and hopes to expand nationally by the end of 2026.

Another food company, McCormick, rose 10.5% after reporting a profit for the latest quarter that was higher than analysts expected. The seller of spices, hot sauces and seasonings also said its business appears strong, with sales growth for the year expected to be at the high end of its forecast.

Trump Media & Technology Group was also another strong performer, jumping 16.1%. It was the company's first day of trading under its new symbol, DJT, which are the initials of former President Donald Trump. The company replaced a shell company that was listed on Nasdaq after the two merged.

The stock price has soared well beyond what many experts say is reasonable, driven by enthusiasm over Trump's latest White House campaign. Truth Social, the platform that is the company's main asset, is losing money and hopes to continue to do so while competing against competitors that likely have many more users.

The U.S. stock market as a whole also faces criticism that it has become too expensive, although not as much as Trump Media & Technology Group.

The S&P 500 has already climbed 9% this year and is on pace to close out its fifth straight winning month. Enthusiasm is high because the U.S. economy has remained remarkably resilient despite high interest rates aimed at keeping inflation in check. Additionally, the Federal Reserve appears poised to begin lowering interest rates this year as inflation has calmed from its peak.

Massive stock purchases by the companies themselves also helped support prices. Share buybacks among Bank of America's corporate clients reached their fifth highest level in its weekly data history, dating back to 2010, according to strategist Jill Carey Hall.

But critics say more companies will need to generate strong profit growth to justify their big price swings. Progress on reducing inflation has also become more difficult of late, with reports hotter than expected this year.

Nonetheless, traders generally expect the Federal Reserve to begin cutting its main interest rate in June. Some even see a slight possibility at its meeting next week.

In the bond market, Treasury yields fell following mixed reports on the economy.

A U.S. government study showed that orders for machinery, computers and other durable manufactured goods rose in February after two months of declines.

But a subsequent report from the Conference Board said U.S. consumer confidence had unexpectedly declined, while economists had forecast a rise. Robust spending by U.S. consumers was one of the pillars that helped the economy escape a long-predicted recession.

The 10-year Treasury yield fell to 4.22% from 4.24% Monday evening. The two-year yield, which more closely tracks Fed expectations, fell to 4.58% from 4.63%.

On foreign stock markets, indexes were mostly slightly higher across much of Europe and Asia.

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AP Business writers Yuri Kageyama and Matt Ott contributed.