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Wall Street ends lower as Apple and Tesla retreat

Stock MarketsMar 02, 2021 04:05PM ET
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2/2 © Reuters. The front facade of the NYSE is seen in New York 2/2

By Noel Randewich

(Reuters) - Wall Street ended lower on Tuesday, pulled down by Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA), 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 and Tesla declined, 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, extending a pullback from late last month after a selloff in the U.S. bond market sparked fears over highly valued stocks.

Unofficially, the Dow Jones Industrial Average fell 0.46% to end at 31,390.47 points, while the S&P 500 lost 0.81% to 3,870.36. The Nasdaq Composite dropped 1.69% to 13,358.79.

The Russell 2000 index of smaller companies declined, trimming its gain in 2021 to about 14%, compared with the S&P 500's rise of under 4% in the same period.

Kohl's Corp (NYSE:KSS) rose after it posted holiday-quarter results beyond market expectations on a boost in online sales and as the company reined in costs.

TV ratings provider Nielsen jumped after it sold its advanced video advertising business to television streaming platform provider Roku (NASDAQ:ROKU). Shares of Roku dropped.

Wall Street ends lower as Apple and Tesla retreat
 

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Comments (10)
Viking Fire
Viking Fire Mar 02, 2021 4:06PM ET
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Harvesting the gains. Problem is, where you going to go into bankrupt government bonds after the hit they are taking from lack of taxes during pandemic?
Indie LXXXVIII
Indie LXXXVIII Mar 02, 2021 2:57PM ET
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The feds got this. Yield controls. Twist part 2. This market is more controlled than a French puppet. Afterburners full blast and the fuel is unlimited debt until the universe implodes. Not sure how black holes are created, but I bet the solar system had a central bank.
Lisbeth Salander
Lisbeth Salander Mar 02, 2021 1:41PM ET
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Jesus. Its been one day. Chill lol.
Søren Buhrkall
Søren Buhrkall Mar 02, 2021 1:40PM ET
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bubble market ?
Sonwabo Koti
Sonwabo Koti Mar 02, 2021 1:29PM ET
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I can't get it and I don't understand, yesterday it was up but today its a different ball game. I really don't understand, they just not making any sense.
Scott Bailey
Scott Bailey Mar 02, 2021 1:29PM ET
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Welcome to Biden’s market!
Mitchel Pioneer
Mitchel Pioneer Mar 02, 2021 1:16PM ET
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Another miraculous recovery for the greatest investment fraud in history. Compare yesterday's chart with today's chart if you want to see the predictable, flagrant, criminal intervention in color. The US Ponzi Scheme is the biggest investment joke in the world.
elias skaff
elias skaff Mar 02, 2021 1:13PM ET
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march isn't good for the market, it's better to take this month off and focus on something else.
Bob Stttt
Bob Stttt Mar 02, 2021 12:19PM ET
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Can't read into 1 or 2 day moves very much either way.
Casador Del Oso
Casador Del Oso Mar 02, 2021 11:41AM ET
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One day uptrend is over.
Jonathan Hursh
Jonathan Hursh Mar 02, 2021 11:41AM ET
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Lol Right what a pointless article
Peter Vestergaard
Peter Vestergaard Mar 02, 2021 11:41AM ET
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We go up tomorrow
Mark Jo
Mark Jo Mar 02, 2021 11:30AM ET
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It is only March 2nd.
 
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