Stocks decline after S&P’s best day since June
we equity markets fell on Tuesday, a day after posting their biggest gains in months.
The Dow Jones Industrial Average lost 145 points, or 0.46%, while the S&P 500 and Nasdaq Composite slipped 0.81% and 1.69%, respectively.
|Me: DJI||MEDIUM DOW JONES||34258.32||+338.48||+ 1.00%|
|SP500||S&P 500||4395.64||+41.45||+ 0.95%|
|I: COMP||NASDAQ COMPOSITE INDEX||14896.847191||+150.45||+1.02%|
The losses come a day after the S&P 500 recorded its best day since June, fueled by optimism about the pace and strength of the economic recovery in the United States as Johnson & Johnson’s COVID-19 vaccine is became the third inoculation to receive regulatory approval. Later today, President Biden is expected to announce a vaccine collaboration between J&J and Merck.
|JNJ||JOHNSON & JOHNSON||163.93||-0.60||-0.36%|
|MRK||MERCK & CO., INC.||72.04||+0.07||+ 0.10%|
When it comes to stocks, GameStop Corp. and other short stocks remained the focus of attention as Gary Gensler, Biden’s choice to head the United States Securities and Exchange Commission, appeared before the Senate committee on banking, housing and urban affairs for its confirmation hearing.
Rocket, the real estate and mortgage company, became the most recent of the so-called “meme” stocks up more than 71% with no clear news. FOX Business’s claims to the company were not immediately returned.
|GME||GAMESTOP CORP.||190.14||+0.19||+ 0.10%|
|RKT||ROCKET ENTERPRISES INC.||16.68||+0.13||+ 0.79%|
Gun stocks traded as Sen. Chris Murphy, a Democrat from Connecticut, offered expanded background checks for gun purchases.
|RGR||STURM, RUGER & CO., INC.||74.06||+0.16||+ 0.22%|
|SWBI||SMITH & WESSON BRANDS||9:30 p.m.||+0.32||+1.53%|
Meanwhile, Target Corp. said its income increased 21% from a year ago, with the pandemic continuing to fuel a sharp increase in demand for same-day services. The big box retailer said its sales increased by more than $ 15 billion last year, more than the previous 11 years combined. Still, equities have punctuated the overall decline in consumer discretionary names.
|TGT||TARGET CORP.||241.77||+0.46||+ 0.19%|
In other earnings news, Zoom shares gave up on gains after the video conferencing provider said sales soared 369% year after year, as the pandemic has caused more people to work from home.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||277.95||-0.29||-0.10%|
|SQ||SQUARE, INC.||261.07||+9.77||+ 3.89%|
Elsewhere, Square Inc. announced that its commercial bank, Square Financial Services, had started operations. The unit will provide commercial loans to Square retailers.
In commodities, West Texas Intermediate crude oil slipped 89 cents to $ 59.75 a barrel and gold climbed $ 10.60 to $ 1,733.10 an ounce.
Overseas, markets rallied across Europe, with the UK FTSE 100 trading up 0.58% to accelerate the advance. Elsewhere, the French CAC 40 gained 0.35% and the German DAX 30 rose 0.25%.
In Asia, Japan’s Nikkei 225 lost 0.86% while the Shanghai China Composite Index and Hong Kong Hang Seng Index both lost 1.21%.