The Dow Jones industrial average was down 0.1% Tuesday afternoon after United Technologies (UTX) plunged on plans to split up its businesses.
XThe Nasdaq composite lost 0.3% and the S&P 500 0.21% after paring losses of as much as 0.9%. If the trend holds up, it will be the second straight day that both indexes close well off session lows.
Small caps were weaker, however, with the Russell 2000 off 0.8%.
Volume was tracking higher on the Nasdaq and slightly lower on the NYSE compared with the same time Monday.
Steel, mining, leisure products, chemicals and other cyclical industry groups were among the worst performing. The energy sector also struggled as the price of crude oil fell 1.5% to $50.83 a barrel.
Retail was a top sector, with drugstores, restaurants, discount chains and auto parts among the top industry groups today. Early indications are that holiday shopping will be strong this year.
In restaurants, Cracker Barrel (CBRL) broke out of a cup base after the company reported a surprising increase in same-store sales. Shares topped the 179.22 buy point in heavy volume.
Airlines Take Off
Airlines also were leading as Spirit Airlines (SAVE) soared after the discount carrier said it expects total revenue per available seat mile to jump about 11% in Q4, well above an earlier forecast. Spirit shares gapped up to a 15% gain, touching the highest level since August 2015.
United Technologies slid nearly 6% in heavy volume, falling to a one-month low. The Dow component accounted for a 40-point deduction in the index, practically the entire decline in the Dow Jones industrials.
The company announced it will spin off its Carrier climate-control unit and Otis elevators, while keeping Pratt & Whitney and Collins Aerospace Systems. United Technologies had just completed the acquisition of Rockwell Collins.
The Innovator IBD 50 ETF (FFTY) was down 0.6%. Canada Goose (GOOS) gapped down nearly 5% while retailers Five Below (FIVE) and Dave & Buster's (PLAY) fell 3% and 4% respectively.
But Nexstar Media Group (NXST) rose 1.5% after Gabelli initiated coverage with a buy rating, according to Market Exclusive. The stock is forming a choppy base.
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