Major Indices wraps up lower; NASDAQ declined two days in a row

Most stocks moved lower on Tuesday session with tech stocks dropping further as traders consider the commentary from Janet Yellen, Treasury Secretary, about possible increase in tax rates.
WAN CHAI, Hong Kong - May 10, 2021 - PRLog -- Stocks turned downhill after Yellen expressed her thoughts about the tax rates needing to be adjusted higher to avoid an overheating economy while the recovery from the pandemic is ongoing.

The increase in tax rates would affect growth companies, and investors are mostly concerned about the rates taking a toll on the stock market's recent movements especially the run-ups to record highs. Even with the Q1 reports of companies including Virgin Galactic Holdings (SPCE) and Lyft (LYFT) being above expectations, Wall Street met it with a shrug. Market reaction remained passive due to the said announcement, leaving the market drifting lower throughout the session.

The Dow Jones Industrial Average managed to stay above the line today with a slight increase of 0.06%. On the other hand, S&P dropped by almost 0.70% and almost neutralized yesterday's gains. NASDAQ was the most affected and is now on a two-day losing streak, dropping by 1.88% which is its worse trading session since March. Major market futures are mixed with NASDAQ losing 0.13%, S&P losing 0.67% and the Dow gaining 0.06%.

Tuesday session's key movement are the following:
  • The Dow Jones Industrial Average managed to eke out gains with 0.06% or 20.26 points increase, ending at 34,133.49.
  • The S&P 500 Index lost 27.90 points or 0.67% and closed at 4,1164.76.
  • NASDAQ Composite Index crashed and ended at 13,633.50 after losing 1.88% or 261.62 points.
  • U.S. 10 Year Treasury yield went down by 1.5 basis points and at 1.5920%.
  • Crude is at $65.71 per barrel after gaining 1.89% or $1.22.
  • Gold is currently at $1,777.10 an ounce after falling by 0.82% or $14.70.
NASDAQ Composite underperformed and was largely affected by Yellen's announcement. Both tech stocks and growth companies ended dragging NASDAQ to it's worse trading session in 2 months.

The Dow Jones Industrial Average managed to reverse intraday losses and wrapped with a minor gain.

S&P 500 stepped down but came out favorably compared to the intraday performance dropping by about 1% at session lows.

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