The Dow Jones Industrial Average and S&P 500 fell for the first time in four sessions on Wednesday as stocks that would benefit the most from an economic reopening struggled throughout the day.
The 30-stock index slipped 170.37 points to 26,119.61.
The S&P 500 faded 11.25 points to 3,113.49.
The NASDAQ gained 14.66 points to 9,910.53.
Airlines, cruise operators and retail — all groups that would benefit from the economy reopening — were under pressure on Wednesday.
United and Delta each fell 1.8%, and American Airlines fell 0.3%. Carnival, Norwegian Cruise Line and Royal Caribbean all slid more than 6%. Nordstrom fell 5.5% and Gap lost 5.4%.
Those stocks initially took a beating after the coronavirus pandemic began. In recent weeks, though, they have led the broader market higher.
Big Tech outperformed on Wednesday. Alphabet advanced 0.4%. Amazon was 1% and Netflix rose 2.7%. Apple shares rose as much as 0.9% to hit an all-time high before closing slightly lower.
Federal Reserve Chairman Jerome Powell was set to testify before House members on Wednesday. In front of the Senate Banking Committee on Tuesday, Powell warned of “significant uncertainty” about the economic recovery, adding small businesses are at risk following the pandemic.
Meanwhile, concerns about the coronavirus linger. Multiple reports said Beijing will shut down all schools amid a resurgence in coronavirus cases. In the U.S., more than 2.1 million cases have been confirmed, with states such as Arizona and Texas reporting a spike in cases.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.73% from Tuesday's 0.75%. Treasury prices and yields move in opposite directions.
Oil prices skidded 63 cents to $37.75 U.S. a barrel.
Gold prices squirted higher 30 cents to $1,736.80 U.S. an ounce.