The US markets ended lower on Tuesday as some traders looked to cash in on the strong upward move seen over the past several weeks.
Besides, traders remained cautious after JPMorgan Chase (JPM) CEO warned that the stock market values may not properly represent the risks of higher inflation and even stagflation.
Meanwhile, rising worries about health of US economy kept the investors on edge after Conference Boards report released on Monday had indicated that the leading economic index tumbled by 1.0 percent in April after sliding by a downwardly revised 0.8 percent in March, while street had expected the leading economic index to decrease by 0.8 percent compared to the 0.7 percent drop originally reported for the previous month.On sectoral front, housing stocks saw notable weakness, dragging the Philadelphia Housing Sector Index down by 1.2 percent.
Transportation and networking stocks also saw some weakness on the day, while gold stocks moved sharply higher along with the price of the precious metal.Dow Jones Industrial Average fell 114.83 points or 0.27 percent to 42,677.24, S&P 500 declined 23.14 points or 0.39 percent to 5,940.46 and Nasdaq slid 72.75 points or 0.38 percent to 19,142.71.