U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.
The S&P 500 slid 0.8% to 3,870.29 after the broad equity benchmark rallied more than 2% Monday for its best day since June.
The Dow Jones Industrial Average fell 143.99 points, or 0.5%, to 31,391.52.
The tech-heavy Nasdaq Composite lost 1.7% to 13,358.79 as Apple and Facebook fell about more than 2% each. Amazon and Microsoft both slipped 1%, while Tesla dropped 4.5%.
Tech and consumer discretionary were the two worst-performing sectors, falling more than 1% each. The slight gains in materials provided the broader market with some cushion.
Still, some investors believe it’s inevitable that yields will trend higher this year amid an economic recovery and potentially more fiscal stimulus, which could shrink stock multiples.
Meanwhile, others think the jump in yields reflect improving economic growth and rising earnings forecasts and stocks should be able to absorb higher interest rates in the long run if it rises at a reasonable pace.
President Joe Biden said Tuesday that Merck will help make Johnson & Johnson’s single shot Covid vaccine as the country tries to ramp up supply.
Reference: CNBC
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