Stock market today
S&P 500: 3,870.29,-31.53(-0.81%)
Dow 30: 31,391.52,-143.99(-0.46%)
Russell 2000: 2,231.51,-43.81(-1.93%)
Stock market news
“Stocks ended lower on Tuesday as the major indexes pulled back after rallying a day earlier.
Tech shares led the way lower and dragged the Nasdaq down 1.7%. A day earlier on Monday, the S&P 500 jumped by 2.4% for its best session since June 2020, while the Nasdaq jumped 3%. Shares of Zoom Video Communications (ZM), a darling of the “stay-at-home” trade, reversed overnight gains to slump more than 9% by market close even after the company delivered earnings results and guidance that far exceeded expectations, helping assuage fears of a slowdown as more in-person activities resume.
A combination of easing Treasury yields, optimism over Johnson & Johnson’s (JNJ) newly authorized COVID-19 vaccine and prospects of another near $2 trillion stimulus package out of Congress helped buoy risk assets earlier this week following a late February rout. The U.S. Senate is set to begin debating the $1.9 trillion relief package that the House of Representatives advanced over the weekend this week, Senate Majority Leader Chuck Schumer said.
And the benchmark U.S. 10-year yield eased below 1.45% this week after swiftly climbing to a one-year high of as much as 1.6% just last week. Investors have been closing eyeing the rise in interest rates as a cause for concern for equities, with rates closely tied to borrowing costs for companies and consumers. Rising rates can also divert investor attention away from stocks by offering an alternative source of yield for investors.
Still, many strategists also noted that modestly rising rates from last year’s ultra-low levels are not inherently problematic for stocks. And as Federal Reserve Chair Jerome Powell said late last month, rising rates and a steepening yield curve also serve as a sign of increasing optimism about the trajectory of the U.S. economy.”
Stock market data: Yahoo Finance