S&P Clings Tenaciously to Positive Readings

U.S. stocks wiped out earlier gains and turned negative gained on Tuesday as the market struggled for a direction.

The Dow Jones Industrials build on earlier gains, sitting ahead 59.61 points midday to at 34,453.59,

The S&P 500 edged up 1.97 points to 4,200.69, dragged down toward breakeven by the energy sector.

The NASDAQ nicked up 3.52 points to 13,664.69.

Big Tech shares Amazon, Apple, Netflix and Alphabet all erased earlier advance and dipped into negative territory. Amazon shares came under pressure after an attorney general filed an antitrust lawsuit over the e-commerce giant’s pricing.

Airlines and cruise lines provided the broader market with some support. United Airlines jumped 3% after the carrier said yields on domestic leisure tickets purchased this month topped 2019 levels amid the reopening. Boeing also gained 1.7%. Norwegian Cruise Line and Royal Caribbean rose more than 4% each.

Bitcoin’s recent rout, which has hit tech stocks like Tesla and dented overall investor sentiment, stabilized on Monday.

The cryptocurrency was back near $38,000 early Tuesday after falling below $32,000 at one point on Sunday. Crypto prices rebounded as Elon Musk said he was having discussions with bitcoin miners regarding sustainability.

Prices for 10-Year Treasurys gained ground, lowering yields to 1.58% Monday’s 1.60%. Treasury prices and yields move in opposite directions.

Oil prices gained 21 cents to $66.26 U.S. a barrel.

Gold prices hiked $7.60 to $1,892.10 U.S. an ounce.