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U.S. stocks fell on Tuesday in an afternoon slide led by shares of companies with the most to lose if there are any hiccups in the global economic reopening from the COVID-19 pandemic.
The Dow Jones Industrials went for a tumble of 308.05 points to finish Tuesday at 32,423.15, as Caterpillar slipped 3.4%.
The S&P 500 slouched 30.07 points 3,910.52
The NASDAQ Composite took a header, losing 149.84 points, or 1.1%, to greet the closing bell at 13,227.70.
Travel and retail stocks sold off in lockstep amid fresh COVID restrictions globally. Shares of Carnival and Norwegian cruise lines slumped more than 7% each. American Airlines and United Airlines also dropped more than 6% apiece. Brick-and-mortar retailer Gap slid nearly 8%.
The World Health Organization said most regions of the globe are seeing an increase in new COVID cases as highly contagious variants continue to spread. Germany is extending its lockdown until April 18, while nearly a third of France entered a month-long shutdown on Saturday. Oil prices fell more than 6% amid the threat of a third wave of global infections.
The U.S. is administering about 2.5 million COVID vaccine shots every day. However, the number of new cases is increasing in 21 states as governors relax restrictions on businesses.
Also, a U.S. health agency expressed concern Tuesday that AstraZeneca may have included outdated information in trial results of its COVID-19 vaccine.
Since the low on March 23, 2020, both the S&P 500 and Dow have advanced more than 75%, marking the best start to a new bull market ever. The NASDAQ is up more than 90%.
On the pandemic front, a U.S. health agency expressed concern Tuesday that AstraZeneca may have included outdated information in trial results of its COVID-19 vaccine.
The U.S. is administering about 2.5 million COVID vaccine shots every day.
However, the number of new cases is increasing in 21 states as highly infectious variants spread and governors relax restrictions on businesses.
On Tuesday, Powell and Yellen made their first joint appearance Tuesday before the U.S. House Committee on Financial Services. The duo acknowledged the richly valued asset prices in the markets, but said that they are not worried about financial stability.
Prices for 10-Year Treasurys charged ahead, lowering yields to 1.62% from Monday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices floundered $4.02 to $57.54 U.S. a barrel.
Gold prices stumbled $11.80 to $1,726.30.
