Stocks Scale Back Tuesday After Monster Gains Monday

U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.

The Dow Jones Industrials tumbled 143.99 points from Monday’s levels to 31,391.52.

The S&P 500 demurred 31.53 points to 3,870.29.

The NASDAQ Composite dumped 230.04 points, or 1.7%, to 13,358.79, as Apple and Facebook fell about more than 2% each. Amazon and Microsoft both slipped 1%, while Tesla dropped 4.5%.

Tech and consumer discretionary were the two worst-performing sectors, falling more than 1% each. The slight gains in materials provided the broader market with some cushion.

President Joe Biden said Tuesday that Merck will help make Johnson & Johnson’s single-shot COVID vaccine as the country tries to ramp up supply.

Shares of Target reversed early gains to close more than 4% lower despite the company reporting booming sales. The retailer declined to provide a forecast for 2021.

Investors on Tuesday pored over comments made by both Securities and Exchange Commission Chair nominee Gary Gensler and Federal Reserve Governor Lael Brainard.

Gensler was testifying before the Senate Banking Committee while Brainard will deliver a speech entitled "U.S. Economic Outlook and Monetary Policy" via a virtual meeting hosted by the Council on Foreign Relations.

Prices for 10-Year Treasurys gained ground, thus weighing yields to 1.41% from Monday’s 1.44%. Treasury prices and yields move in opposite directions.

Oil prices slumbered $1.04 to $59.60 U.S. a barrel.

Gold prices regained $9.10 to $1,732.10