U.S. equities and stock exchange traded funds dipped Tuesday after hitting record highs as weak economic data and political risks weigh on sentiment.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.1% lower Tuesday.
Pressuring U.S. markets, real estate companies in the S&P 500 fell 0.5% and were among the worst performers Tuesday after data revealed U.S. new-home construction decreased in April for the third time in four months, the Wall Street Journal reports.
Moreover, there is some growing concern over political risks in wake of Trump’s perceived association with Russia and his ability to pass through policy changes, notably the chances of tax cuts, which many hope will bolster earnings. Speculation on lower tax rates under the Trump administration fueled the recent U.S. market rally.