U.S. stocks fell on Tuesday, a year after the bull market started from the pandemic lows, as investors took profits in stocks that will benefit most from the economy reopening.
The S&P 500 fell 0.3% and the Dow Jones Industrial Average fell 130 points. The highly technological Nasdaq composite slipped 0.5%.
Shares of Carnival and Norwegian cruise lines fell about 5% each. American Airlines and United Airlines fell more than 4% each. Traditional retailer Gap also fell more than 2%.
ViacomCBS, one of the top performers on the S&P 500 since the bottom of the pandemic, lost 3% after announcing it would offer more stocks for sale. Stocks are up more than 700% since last March.
Tuesday marks the first anniversary of the bull market following the fierce rally in stocks from the bottom. The coronavirus pandemic knocked the S&P 500 down 30% in just 22 days last year in the fastest sell-off ever in the bear market. Since the March 23 low, the S&P 500 and Dow have gained more than 75%, marking the best start to a new bull market ever. The Nasdaq Composite is up over 90%, while the Russell 2000 has jumped 126%.
“Things have come full circle now, as stocks have staged a furious rally, with new highs occurring across the world as the economy recovers at a record pace,” noted Ryan Detrick, chief strategist. of the market at LPL Financial.
“This bull market has got off to an incredible start, but it’s important to remember that it’s still young. While a pick-up in volatility would be normal at this point in a strong bull market, we believe the right investors are right. might consider buying the dive, ”he added.
History shows that new bull markets like this typically carry the strong rally in year two, although the road ahead will be more choppy and more moderate gains should be expected.
Wall Street’s year-end consensus target for the S&P 500 stands at 4,099, which is a 4% gain from Monday’s close of 3,940.59, according to the CNBC Market Strategist Survey , which rounds off the forecasts of the top 15 strategists.
“Today, a year down the market, the world appears to be a very different place,” said Chris Larkin, managing director of trading and investing products at E-Trade Financial. easy money policies, budget support and interest rates. “
On the pandemic front, a US health agency expressed concern on Tuesday that AstraZenecamay had included outdated information in the test results of its Covid-19 vaccine.
The United States administers approximately 2.5 million Covid vaccines every day. However, the number of new cases is increasing in 21 states as highly infectious variants spread and governors relax restrictions on businesses.
The major indices ended higher on Monday as investors bought lower growth stocks as the 10-year Treasury yield fell.
“Although the rise in yields has created volatility, we don’t expect it to derail the rally in stocks,” noted Mark Haefele, chief investment officer at UBS Global Wealth Management. “We believe the higher yields reflect optimism in growth and expectations of higher inflation.”
Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen will make their first joint appearance before the United States House Committee on Financial Services on Tuesday. The discussion will center on monitoring the Treasury and Fed’s response to the pandemic.
In prepared remarks released ahead of the hearing, Powell noted that the recovery is gaining momentum, adding that there is still a long way to go.
“The recovery has progressed faster than expected and appears to be strengthening. This is largely due to unprecedented fiscal and monetary policy measures … which have provided essential support to households, businesses and communities,” a- he said in the statement. prepared comments.
“But the recovery is far from over, so at the Fed we will continue to provide the economy with the support it needs for as long as it takes,” he added.
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