Wall Street lost ground on Tuesday as investors closed the book on a remarkable year for equities, during which the U.S. stock market was powered to record highs by the twin engines of the artificial-intelligence boom and the U.

U.S. stocks closed broadly lower Monday as a banner year on Wall Street looked set to finish on a sour note. The S&P 500 fell 1.1%, its third straight decline. Roughly 90% of stocks within the index lost ground.