Stocks dropped in the slowest trading day of 2021 after a rally that drove the equity market to all-time highs. Treasuries climbed.
Volume on U.S. exchanges slipped below 10 billion shares for the first time this year. Tech companies led losses in the S&P 500 on Tuesday, offsetting gains in retailers. The Dow Jones Industrial Average and the Nasdaq 100 also retreated. Stocks tied to the Archegos Capital Management blowup ended the session higher as investors brushed news that Credit Suisse Group AG unloaded more than $2 billion of the shares in the latest block trades stemming from the liquidation of Bill Hwang’s fund.