Business

US stocks tumble as tech rally wears off, Covid-19 concerns escalate

KEY POINTS

The number of jobs available in the United States fell to 5.4 million in May, from 5 million in April
Over 2.93 million cases of covid-19 have been confirmed in the United States
US government awarded Novavax $ 1.6 billion contract to develop coronavirus vaccine

US stocks fell on Tuesday as the recent rally paused a day after the strength of tech stocks pushed the Nasdaq to record levels.

The Dow Jones Industrial Average fell 396.85 points to 25,890.18, while the S&P 500 fell 34.4 points to 3,145.32 and the Nasdaq Composite Index fell 89.76 points to 10,343.89.

Tuesday’s volume on the New York Stock Exchange totaled 3.84 billion shares with 705 issues rising, 55 establishing new highs and 2,288 bearish, with five shares establishing new lows.

The active movers were led by Nio Inc. (NIO), Genius Brands International Inc. (GNUS) and Corvus Pharmaceuticals Inc. (CRVS)

The number of jobs available in the United States rose to 5.4 million in May, from 5 million in April, according to the survey on job openings and the turnover rate of labor departments.

The US government has awarded the drug manufacturer Novavax (NVAX) a $ 1.6 billion contract to develop a vaccine against the coronavirus.

Meanwhile, cases of covid-19 continued to climb in parts of the United States, including Texas, which saw more than 8,000 hospitalizations on Sunday alone. California Governor Gavin Newsom has asked six other counties in his state to close their domestic businesses.

More than 2.93 million cases of covid-19 have been confirmed in the United States, with at least 130,306 deaths.

This market is well overbought, said Peter cardillo, chief market economist at Spartan Capital Securities. This market has ignored the potential problems that will result from the coronavirus.

While we expect to continue [stock market] volatility, we think there is reason to be optimistic that economies and markets recent acceleration of infectionssaid Mark Haefele, chief investment officer at UBS. There are signs that health systems are coping better with COVID-19, reducing the need for restrictions on freedom of movement. Economic data continues to show resilience.

With the increase in virus cases, people are playing home stocks, said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. One thing I will say is that the probability of returning to a nationwide lockdown is incredibly slim. I would therefore not be surprised to see more of a rolling market, back and forth, rather than a market that goes straight up as we have seen in recent months.

Overnight, the Asian markets experienced mixed results, with the Chinese Shanghai Composite index rising 0.37%; Japan’s Nikkei-225 fell 0.44%; and Hong Kong’s Hang Seng exchange fell 1.38%.

In Europe, the markets finished lower, the Britains FTSE-100 falling by 1.53%, the Frances CAC-40 by 0.74% and the German DAX by 0.92%.

Crude oil futures fell 0.74% to $ 40.33 a barrel, Brent crude fell 0.65% to $ 42.80. Gold futures rose 0.86%.

The euro slipped 0.35% to $ 1.1269 while the pound gained 0.36% to $ 1.2537.

The 10-year Treasury yield fell from 4.97% to 0.65% while the 30-year Treasury yield dropped from 3.67% to 1.39%.

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