US markets stumbled on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us – the Dow slid 208.98 points or -0.60% to 34,577.37. The broader S&P 500 dipped -0.2% to 4,343.54 after hitting a record at the open. The 500-stock index snapped a seven-day winning streak, its longest since August. The S&P 500 is up nearly +16% year to date. Investors say they are now looking for fresh catalysts, such as strong corporate earnings reports or more fiscal stimulus, to power the next leg of the rally in stocks. Wall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near -2% loss from the 500-stock average’s current level, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts. The Nasdaq Composite rose +0.17% to 14,663.64, closing at a new record. U.S. markets were closed for the July 4 Independence Day holiday on Monday.
