Major Indices dropped following major sell-off led by Tech related companies
Market closed Tuesday with all three major indices declining. The afternoon slide was led by companies that would lose out with the not-so anticipated global reopening since the COVID-19 outbreak is still threatening the economic recovery.
Here's an overview of market movements:
NASDAQ, which lost the most out of the e major indexes, was heavily affected by Chief Powell's statement that the U.S. economy has much improved, giving investors a different focus. With this statement, tech bigwigs aren't lost their advantage with how bullish the outlook for value and cyclical stocks is. On the other hand, NASDAQ futures bounced back by 0.26% and closed at 13,039.75.
The Dow Jones Industrial Average (DJI) was pulled down by Caterpillar as they tumbled down by 3.4% in the afternoon slide. Another thing that affected their performance for Tuesday was the exhaustion of cyclical stocks. The Dow Futures, on a brighter note, gained 0.05% closing at 32,323.00.
S&P 500 was largely affected infrastructure costs that implied to investors negatively. Though they lost grounds at Tuesday's market close, S&P futures still went up by 0.04% at 3,901.50.
As for international stock market updates, Stoxx Europe 600 is down by 0.20% or 0.86 points at 423.31, largely due to vaccine rollout delays and additional quarantine locations being announced. China's Shanghai tripped by 1.3%, Hong Kong's Han Sheng down by 2.1% and Japan's Nikkei 225 slipped by 2.04%.
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