Stocks accelerate losses into closeDow -457.21 at 23764.78, Nasdaq -189.79 at 9002.57, S&P -60.20 at 2869.99 [BRIEFING.COM] The S&P 500 fell 2.1% on Tuesday, with a bulk of losses coming in afternoon trade and into the close. The Dow Jones Industrial Average (-1.9%) and Nasdaq Composite (-2.1%) declined comparably to the benchmark index, while the Russell 2000 underperformed with a 3.5% decline. There wasn't one specific catalyst driving stocks lower, but profit-taking interest might have been fueled by legislation put forth by Senate Republicans to impose sanctions on China and by Los Angeles reportedly planning to extend the county's stay-at-home order for another three months. News of the Senate proposal did seem to initiate the selling in the market, which had been trading flat beforehand. The LA news also coincided with the late-day selling, as it paid heed to NIAID Director Fauci's Senate testimony in which he cautioned about reopening the economy too soon. It's unclear if the market was truly perturbed by the news or if it provided a good excuse for some overdue selling. In either case, all 11 S&P 500 sectors closed in negative territory, led lower by the real estate (-4.3%), industrials (-2.8%), and financials (-2.7%) sectors. The consumer staples (-0.9%) and utilities (-0.9%) sectors declined the least. Bank and airline stocks were among today's weakest performers, which was made evident by the sharp declines in the SPDR S&P Bank ETF ($KBE 27.51, -1.45, -5.0%) and the U.S. Global Jets ETF ($JETS 12.68, -0.57, -4.3%). Bank stocks were pressured by a modest decline in Treasury yields and by President Trump rehashing calls for negative interest rates. Airline stocks were pressured by Boeing ($BA 125.22, -3.69, -2.9%) CEO Calhoun telling NBC's "Today" show that a major U.S. airline could go bankrupt because of COVID-19 disruptions. Conversely, shares of Uber ($UBER 32.40, +0.76, +2.4%) and GrubHub ($GRUB 60.39, +13.60, +29.1%) exhibited strength after it was reported that Uber made a bid to acquire GrubHub. As previously noted, U.S. Treasury yields declined amid an uptick in demand for the safe-haven asset. The 2-yr yield declined two basis points to 0.16%, and the 10-yr yield declined five basis points to 0.68%. The U.S. Dollar Index declined 0.3% to 99.97. WTI crude rose 5.3%, or $1.30, to $25.76/BBL. Reviewing Tuesday's economic data: The Consumer Price Index declined 0.8% m/m in April, as expected, while core CPI, which excludes food and energy, declined 0.4% (Briefing.com consensus -0.2%). That was the largest drop in total CPI since December 2008 and the largest drop on record going back to 1957 for core CPI.The key takeaway from the report is that it is a telltale reminder that the Federal Reserve isn't moving off the zero bound anytime soon.The Treasury Budget for April showed a deficit of $737.85 billion versus a surplus of $160.3 billion in the same period a year ago.The key takeaway from the report is that the huge swing in the budget was a function of the tax filing deadline being extended, and government spending surging, due to stimulus measures employed in response to the COVID-19 impact.The NFIB Small Business Optimism Index for April declined to 90.9 from 96.4 in March. Looking ahead, investors will receive the Producer Price Index for April and the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite +0.3% YTDS&P 500 -11.2% YTDDow Jones Industrial Average -16.7% YTDRussell 2000 -23.6% YTD Market Snapshot Dow23764.78-457.21(-1.89%)Nasdaq9002.57-189.79(-2.06%)SP 5002869.99-60.20(-2.05%)10-yr Note +4/320.671NYSEAdv 686 Dec 2172 Vol 939.5 mlnNasdaqAdv 947 Dec 2301 Vol 4.3 bln Industry Watch Strong: Consumer Staples, UtilitiesWeak: Real Estate, Financials, Industrials Moving the Market -- Stock market succumbs to profit taking, losses accelerated into the close-- Senate Republicans put forth legislation to impose sanctions on China, LA county will reportedly extend stay-at-home order for three months-- Bank and airline stocks were among laggards ECONOMIC EVENTS: In U.S. data, the NFIB small business optimism index fell 5.7% to to 90.9 in April, hitting a seven year low. The consumer price index dropped 0.8% in April, while the core CPI rate slid 0.4%, which was a little lower than analysts had forecast. Additionally, Treasury announced a record $737.9B budget deficit for April. In New York, Governor Andrew Cuomo reported 195 coronavirus deaths in the state versus 161 the day before, adding in his daily COVID-19 briefing that New York state needs $61B in federal support. TOP NEWS: Shares of GrubHub ($GRUB) surged 29% after Bloomberg's Ed Hammond and The Wall Street Journal's Cara Lombardo each separately reported that Uber Technologies ($UBER) has made an offer to acquire the rival food delivery service. GrubHub later released a statement that did not confirm or deny takeover talks with Uber, though the company said that while its policy is not to comment on specific market rumors, it is "always looking at value-enhancing opportunities." GrubHub did not mention Uber in this statement. Uber closed 2.4% higher as investors appeared to be pleased about the prospects of such a tie-up. Meanwhile, shares of PNC Financial ($PNC) fell over 2% after the company announced its intent to sell its investment in BlackRock ($BLK) through a registered offering and related buyback by BlackRock. Following that announcement, Dealreporter said in recap that "presumably PNC is now on the hunt for another big bank deal" and the deal-focused news service speculated Regions Financial ($RF), Comerica ($CMA), KeyCorp ($KEY) and Fifth Third ($FITB) as potential PNC takeover targets, contacts tell The Fly. BlackRock shares closed almost 8% lower. Shares of CymaBay ($CBAY) surged 127% after an expert panel completed an independent review analyzing findings from its Phase 2b study of seladelpar in patients with nonalcoholic steatohepatitis, or NASH, and concluded there was no clinical, biochemical or histological evidence of seladelpar-induced liver injury in the study. On the flip side, Genfit ($GNFT) closed 67.3% lower after announcing that its Phase 3 study for elafibranor in patients with NASH failed to meet its primary endpoint. Tesla ($TSLA) was in focus after CEO Elon Musk said that the car maker was restarting car production at its Fremont, California plant against Alameda County rules. In response, California Governor Gavin Newsom said he was unaware that the company was doing so, and Alameda County said in a statement that it hopes that Tesla can comply without further enforcement measures. President Trump also chimed in, saying on Twitter that the state of California should led Tesla open the plant, adding that it can be done fast and safely. Musk thanked Trump for his comments in his own tweet. MAJOR MOVERS: Among the noteworthy gainers on the S&P were a number of oil & gas names, including Oneok ($OKE), Marathon Oil ($MRO) and Devon Energy ($DVN). Also higher were Amcor ($AMCR) and Green Dot ($GDOT), which gained a respective 3.2% and 13.5% after reporting quarterly results. Among the notable losers following earnings were Eventbrite ($EB) and GreenSky ($GSKY), which fell 23.6% and 18.5%, respectively. Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . 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