The Dow Jones Industrial Average rose, led by shares of banking giant JPMorgan Chase. However, the broader market struggled as losses among major tech stocks mounted.
The 30-stock Dow gained 100 points, or 0.4%. The S&P 500 slid 0.5% while the Nasdaq Composite dropped 1.2%.
Facebook, Apple, Amazon and Netflix slid at least 0.5% each. Alphabet and Microsoft fell 1.3% and 1.8%, respectively, on Tuesday. Those losses added to a broad decline for Big Tech that started on Monday and evaporated a massive rally for the broader market.
The Dow up a 500-point gain to end the day up 10 points on Monday. Meanwhile, the Nasdaq Composite rose nearly 2% to a record before ending Monday’s session down more than 2%.
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Bespoke Investment Group also pointed out Monday marked the third time since 1985 that the Nasdaq hit an intraday record before ending a session down more than 1%.
“That turnaround yesterday, the pirouette where it went back down, you don’t just snap out of that in one day,” CNBC’s Jim Cramer told “Squawk on the Street.” “There are too many people who bought at the top who are trying to figure out, ‘Lord get me back to even.’ Let this play out. We don’t even know which group is going to come to the fore here. Will it be the companies that do better because people think a vaccine is upon us? I can’t buy into that theory but that was the theory yesterday afternoon.”
CNBC
