Wall Street ends lower as Apple and Tesla retreat

Written by on 03/02/2021

Wall Street ends lower as Apple and Tesla retreat

Via Reuters:

Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.

Following strong gains in the prior session, technology shares dipped in the resumption of a rotation by investors out of stocks that outperformed due to the coronavirus pandemic and into others viewed as likely to do well as the economy recovers. The S&P 500 materials and consumer staples sector indexes rose.

Yields on the benchmark 10-year Treasury bonds have stabilized after hitting a one-year high last week.

“Part of it is just because technology went up so much last year, and if interest rates are on the rise then the value of their future cash flows is diminished,” said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management.

The S&P 500 on Monday logged its best day since June as markets cheered approval of a third COVID-19 vaccine in the United States and the U.S. House of Representatives’ green light for a $1.9 trillion coronavirus relief package.

The U.S. Senate will start debating President Joe Biden’s relief bill this week when Democrats aim to pass the legislation through a maneuver known as “reconciliation,” which would allow the bill to pass with a simple majority.

Apple dipped about 2% and Tesla declined more than 4%, with the two companies contributing the most to the S&P 500’s loss for the day.

The S&P 500 technology sector index dropped 1.6%, extending a pullback from late last month after a selloff in the U.S. bond market sparked fears over highly valued stocks. The consumer discretionary index dipped 1.3%, with Amazon falling 1.6%.

The Dow Jones Industrial Average fell 0.46% to end at 31,391.52 points, while the S&P 500 lost 0.81% to 3,870.29.

The Nasdaq Composite dropped 1.69% to 13,358.79.

The Russell 2000 index of smaller companies declined 1.9%, trimming its gain in 2021 to about 13%, compared with the S&P 500’s rise of 3% in the same period.

Heavily shorted mortgage provider Rocket Companies surged 71% in its third straight day of gains as the stock drew interest on Reddit’s popular WallStreetBets.

Kohl’s Corp rose 0.6% after it posted holiday-quarter results beyond market expectations on a boost in online sales and as the company reined in costs.

Read the rest of the article here

Click here to make a donation.



Click here to subscribe to The CRUSADE Channel’s Founders Pass Member Service.  www.crusadechannel.com/go

What Is The Crusade Channel?

The CRUSADE Channel, The Last LIVE! Radio Station Standing begins our LIVE programming with our all original CRUSADE Channel News hosted by Janet Huxley. Coupled with Mike “The King Dude” Church entertaining you during your morning drive and Rick Barrett giving you the news of the day and the narrative that will follow during your lunch break!

We’ve interviewed over 200 guests, seen Brother Andre Marie notch his 200th broadcast of Reconquest; the The Mike Church Show over 1200 episodes; launched an original LIVE! News Service; written and produced 4 Feature Length original dramas including The Last Confession of Sherlock Holmes and set sail on the coolest radio product ever, the 5 Minute Mysteries series! We are the ONLY outlet to cover the Impeachment of President Trump from gavel to gavel!

Now that you have discovered The Crusade, get 30 days for FREE of our premium service just head to:

https://crusadechannel.com  OR download our FREE app: https://apps.appmachine.com/theveritasradionetworkappIti-

Did you know about Apple and Tesla? If you are interested in supporting small business, be sure to check out the official store of the Crusade Channel, the Founders Tradin Post! Not to mention our amazing collection of DVD’s, Cigars, T-Shirts, bumper stickers and other unique selection of items selected by Mike Church!

Tagged as

Reader's opinions

Leave a Reply


CRUSADE Channel Previews

CRUSADE Preview-Call 844-527-8723 To Subscribe

Current track

Title

Artist