Stocks dipped on Tuesday, led by tech, as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued.
The Dow Jones Industrials came down from their morning highs, but still towered over the breakeven point by 149.13 points to 29,307.1
The S&P 500 sank 6.95 points to 3,543.55.
The NASDAQ dwindled 120.14 points to 11,593.64.
Amazon shares were down 3.5% after falling 5% on Monday. Zoom Video dropped 10.9%, adding to its 17% decline from Monday. Alphabet ducked 2.3%, and Microsoft lost 3.4%, and Apple pulled back by 1.5%.
Names that would benefit from an economic recovery rose on Tuesday. Chevron and Exxon Mobil were both up at least 1%. Boeing traded 4.3% higher.
While cyclical stocks led the market advance on Monday, the tech-heavy NASDAQ fell 1.5% as investors dumped some of the popular stay-at-home plays such as Amazon, Zoom Video and Netflix. The NASDAQ finished Monday’s session near its session low.
Those moves were sparked by U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announcing their coronavirus vaccine was more than 90% effective in preventing Covid-19.
Pfizer’s big vaccine news came as the U.S. topped 10 million cases of Covid-19, a bleak milestone just 10 days after reaching the nine million mark amid a record surge in daily infections. Many on Wall Street believe a viable vaccine would be crucial for the economy on its road to a full recovery.
Prices for the 10-Year Treasury were lower, lifting yields to 0.95% from Monday’s 0.93%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 80 cents to $41.09 U.S. a barrel.
Gold prices shone brighter $26.90 to $1,881.30