Wall Street retreats from record closing highs on economic concerns

STORY: Stocks fell across the board Tuesday with the Dow slipping two tenths of one percent, the S&P 500 sliding close to four tenths and the Nasdaq dropping seven tenths.All three indexes ended in negative territory after a consumer expectations survey from the New York Federal Reserve showed deteriorating future expectations and rising inflation projections. The report garnered increased scrutiny amid a federal data blackout resulting from a partisan congressional impasse that extended the government shutdown to its seventh day.Stocks though remain richly valued and continue to hit new highs which is a concern of Brian Krawez, president of Scharf Investments."I think right now in terms of the market, there are some people who are concerned and you're hearing some people talk about sort of a bubble and a crash. But I don't think that the market sentiment is overly negative yet or overly euphoric. In fact, I think if you kind of look at the internet analog, we're not quite there in terms of the craziness of the internet era, but we're certainly getting close."Stocks on the move included Tesla which fell about 4 and a half percent after unveiling more affordable versions of its best-selling Model Y SUV and its Model 3 sedans, as the electric-vehicle maker seeks to reverse falling sales amid rising competition.And AMD gained close to 4 percent after Jefferies upgraded its rating on the shares to "buy" and other brokerages hiked their price targets the day after the chipmaker's supply deal with OpenAI bolstered the tech rally.

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