S&P Ends Win Streak at 7
August 11,2020 04:35 pm EST
The S&P 500 fell on Tuesday, snapping a seven-day winning streak, as declines in some of the major tech names mounted thwarted the broader market index''s run to an all-time high.
The Dow Jones Industrials lost 104.53 points, to greet the closing bell at 27,686.91.
The S&P 500 suffered its first negative day in eight, docking 26.78 points to 3,333.69, for its worst day since July 23.
The once high-flying NASDAQ plummeted 185.77 points, or 1.7%, to conclude the session at 10,782.82.
Facebook and Amazon each fell more than 2% along with Microsoft. Apple and Netflix were down 3.4% and 3%, respectively. Alphabet dipped 1.1%. Those losses offset gains from shares that benefit from the economy reopening.
Gap shares were up more than 2% and Norwegian Cruise Line advanced 3.4%. Wynn Resorts and Simon Property also closed higher.
Both the S&P 500 and Dow traded higher earlier in the day after local news agencies reported Russian President Vladimir Putin claimed the country had given regulatory approval for the world''s first COVID-19 vaccine.
While there was skepticism about whether Russia had developed a safe vaccine so quickly, the news triggered optimism from investors about the race for an inoculation and perhaps that the market isn''t pricing in how quickly a valid one could be ready.
A Johnson & Johnson executive also told Reuters the company could produce 1 billion doses of its vaccine candidate if it proves to be successful.
Goldman Sachs over the weekend raised its economic growth outlook, predicting at least one vaccine approved by the end of this year and widespread distribution of the drug by the second quarter of next year.
Prices for the 10-Year Treasury stumbled, raising yields to 0.65% from Monday''s 0.58%. Treasury prices and yields move in opposite directions
Oil prices dropped 39 cents to $41.55 U.S. a barrel.
Gold prices lost $115.10 to $1,924.60 U.S. an ounce.