U.S. equities closed lower Tuesday, pulling back from record highs, as oil prices pressured energy stocks.
The Dow Jones Industrials dropped 61.85 points from Monday’s record high to 21,467.14, with Disney contributing the most losses.
The S&P 500 deducted 16.43 points – also from a Monday peak — to 2,437.03, as the energy sector dropped nearly 1.3% to lead decliners.
The NASDAQ plunged 50.98 points to 6,188.03.
In corporate news, biopharmaceutical firm Parexel announced it will be acquired by Pamplona Capital Management for $4.6 billion, or $88.10 a share. This is the latest M&A deal unveiled in less than a week.
On Monday, EQT announced an agreement to buy Rice Energy for $6.7 billion and Amazon said Friday it’s buying Whole Foods for $13.7 billion
Investors also kept an eye on Washington as they awaited more details regarding potential tax reform.
House Speaker Paul Ryan was scheduled to speak Tuesday at a conference held by the National Association of Manufacturers, where he was expected to push for permanent changes and comprehensive reform for individuals and businesses.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.16% from Monday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices fell 97 cents to $43.34 U.S. a barrel
Gold prices faltered $3.20 to $1,243.50 U.S. an ounce.