- US stocks wavered on Tuesday as momentum from $4 extended the shift from expensive growth stocks to small-cap and cyclical picks.
- The tech-heavy $4 sank, while the $4 and the small-cap-focused $4 gained.
- While $4 and $4 Monday $4 bolstered investors' risk appetites, soaring COVID-19 case counts offset some optimism.
- Oil prices continued to climb as vaccine hopes improved demand outlooks. $4 gained as much as 2.9%, to $41.46 per barrel.
- $4.
US equities fluctuated on Tuesday investors continued to pivot away from growth stocks and bolstered bets on near-term economic recovery.
$4, which fueled a massive stock surge on Monday, continued to drive a shift out of expensive tech stocks and into plays more likely to outperform in an economic reopening.
The tech-heavy Nasdaq composite slumped, while Dow Jones industrial average and the small-cap-focused Russell 2000 gained. Popular stay-at-home plays including $4, $4, and $4 continued to fall as investors bet on near-term vaccine distribution.
Here's where US indexes stood at the 4 p.m. ET close on Tuesday:
Read more: $4
"With a viable vaccine apparently on the horizon, it may be time to take a second look at your portfolio," said Lindsey Bell, the chief investment strategist for Ally Invest. "Stocks that could benefit from a return to normal life — or the 'reopening trade' — could be worth watching over the coming weeks."
The Dow and the
$4 and $4 announced Monday that their experimental coronavirus vaccine was found to be more than 90% effective at preventing COVID-19 in a late-stage trial. The companies now plan to apply for emergency use authorization with the US Food and Drug Administration to expedite the rollout of their vaccine. The announcement suggests a breakthrough in the race to find a viable vaccine and spurred hope on Wall Street that the pandemic might be contained sooner than previously expected.
Whether it could arrive soon enough to avoid additional economic damage is a different story. The US reached 10 million COVID-19 cases on Monday as infection rates spiked across the country. The Federal Reserve said in a Monday report that an inability to contain the outbreak $4.
Read more: $4
Beyond facing pressure from the broad market rotation, Amazon sank after the European Union unveiled formal antitrust charges against the e-commerce titan. The EU's top antitrust official alleged Amazon illegally abused its dominant position in Germany and France.
$4 after the firm reported an unexpected third-quarter loss and missed revenue estimates. Shares hit their lowest since May as Wall Street scrutinized the worse-than-expected results.
$4 as regulatory concerns overshadowed massive sales for the company's Singles Day event. $4 reported Tuesday that Chinese regulators released a new draft of antimonopoly rules that could drag on online platforms like Alibaba.
$4 after the company inked a multi-year deal with Beyonce. The artist will produce several exclusive workout programs themed around homecoming, the annual fall celebration for students at historically Black colleges and universities.
Read more: $4
$4 climbed as much as 1.5%, to an intraday high of $1,890.53 per ounce. The US dollar fell slightly, and Treasury yields ticked higher.
$4 traded just below $15,300 after failing to break above $16,000 in its prolonged rally. The cryptocurrency's recent momentum has mostly stalled since it traded above $15,000.
Oil prices continued to climb, retaking their $40-per-barrel support level. $4 gained as much as 2.9%, to $41.46 per barrel. $4, oil's international benchmark, jumped 3%, to $43.66 per barrel, at intraday highs.
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