Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500, Dow ease as focus shifts to Fed; tech pushes Nasdaq to closing record

Stock MarketsJun 09, 2020 04:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the NYSE in New York

By Caroline Valetkevitch

(Reuters) - The S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.

The Fed began a two-day meeting. While no major policy announcements are expected when the U.S. central bank wraps up on Wednesday, investors will scrutinize its remarks on the health of the economy, which has been reopening after coronavirus-related closures.

The Nasdaq's gains came on the back of strong gains in tech-related shares, a day after the index became the first of Wall Street's major indexes to confirm a new bull market. Apple (NASDAQ:AAPL), up 3.2%, gave the Nasdaq its biggest boost on Tuesday.

The benchmark S&P 500 fell back into negative territory for the year after temporarily erasing those losses on Monday.

"It strikes me as maybe a reflexive selloff as a result of a tremendous rally over the past week. There's no news headline that screams bearish catalyst to me. But conversely, other than the nonfarm payrolls data, the past two weeks haven't had super bullish catalysts either," said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.

"In the grand scheme of things, it seems like the market has caught a bullish fever, and it's feeding on itself."

The rally in U.S. stocks accelerated last week after strikingly upbeat May jobs data strengthened views that the worst of the economic fallout from the pandemic was over.

Financial and industrial shares, which have been among stocks that have surged in recent weeks on hopes of an improved economic outlook, were the biggest drags on the benchmark S&P 500 on Tuesday.

The Dow Jones Industrial Average fell 300.14 points, or 1.09%, to 27,272.3, the S&P 500 lost 25.21 points, or 0.78%, to 3,207.18 and the Nasdaq Composite added 29.01 points, or 0.29%, to 9,953.75.

U.S. financial market operators, including the New York Stock Exchange, held a moment of silence in honor of George Floyd, a 46-year-old African American who died on May 25 after a white police officer knelt on his neck for nearly nine minutes.

The S&P 1500 airlines index tumbled 7.5%, while cruise operators Carnival (NYSE:CUK) Corp and Norwegian Cruise Line (NYSE:NCLH) Holdings Ltd fell following their recent sharp recovery amid recent signs of a pickup in global travel.

Declining issues outnumbered advancing ones on the NYSE by a 3.09-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners.

The S&P 500 posted 10 new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and one new low.

Volume on U.S. exchanges was 13.82 billion shares, compared to the 12.54 billion average for the full session over the last 20 trading days.

S&P 500, Dow ease as focus shifts to Fed; tech pushes Nasdaq to closing record
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (27)
Amo Girla
Amo Girla Jun 09, 2020 10:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
another bully rally to 29000 dow begins. TRUMP IS VERY DETERMINED TO GET THE STOCK BACK to where it was and over before the covid19 hit strucked
Randy Roberts
Randy Roberts Jun 09, 2020 6:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Do people that invest in Gold ever look at the chart?  Obviously not.
Joanna Yin
Joanna Yin Jun 09, 2020 3:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
maybe Nasdaq bubble is not made from rubber this time, not easily burst out like 1999?
franklin neversoy
franklin neversoy Jun 09, 2020 2:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The real action comes at 2:50 pm cst for us in the middle of USA till then back and forth buying selling
Kapil Baldawa
Kapil Baldawa Jun 09, 2020 12:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Guess Mr. Powell has been specifically instructed to buy AMZN, AAPL and Tech stocks as Mr Prez tweeted NQ All Time High and can retweet again so that ppl know how US is doing great.. Ultimate printing machine FED may soon make USD crumble n make it as worthy as Zimbabwean dollar
Jb Jeong
Jb Jeong Jun 09, 2020 12:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nasdaq = bitcoin
Kapil Baldawa
Kapil Baldawa Jun 09, 2020 12:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Unbelievable, the Tech euphoria.. Americans don't realise if AMZN sells everything, the small businesses will die and won't come back. Most baffling is Apple. Not a single new product or innovation, same old stuff with minute upgrades n ppl go crazy..
Josiah Moody
Josiah Moody Jun 09, 2020 12:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the new financing scheme will boost sales tremendously, plus they're in talks of making their own chips for macs. how is that not bullish?
Man Up
Man Up Jun 09, 2020 12:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sooner or later, small/big businesses who cannot compete will and should be closing anyway.
phuonglep nguyen
phuonglep nguyen Jun 09, 2020 11:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
gold parades up to 18xx???? who know why?
Steve Jabo
Steve Jabo Jun 09, 2020 11:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Carnival ticker is wrong, come on now. CCL my good man
Lex Wild
Lex Wild Jun 09, 2020 11:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Techies again out ouf control NQ goes crazy ;-)
Ali Scander
Ali Scander Jun 09, 2020 10:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Haha wallstreet retreats pff.. The bull is here to stay!
Chopin Liszt
Chopin Liszt Jun 09, 2020 10:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
dow hit 29 k i short like no others
Kaveh Sun
Kaveh Sun Jun 09, 2020 10:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Doesnt matter what the news say, but this looks def a retrace.
Kaveh Sun
Kaveh Sun Jun 09, 2020 10:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think this is a leg down before another up.
Kaveh Sun
Kaveh Sun Jun 09, 2020 10:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Profit taking. When u r up 50%, take at least 50%.
Kaveh Sun
Kaveh Sun Jun 09, 2020 10:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The market cant go up forever. When u r up 25%, take some profit. Up 50% take half off.
Arthur Thompson
Arthur Thompson Jun 09, 2020 9:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
On the same report that states the unemployment was at 13%. the authors of the report stated that some figures skewed the unemployment figures and the actual unemployment rate was about 16%. When independent observers dug into the report, they found the actual rate was closer to 19%. Why is this not being reported.
Pavan Vulli
Pavan Vulli Jun 09, 2020 9:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Doesn’t matter, even if its at 25% or 30%. Fed will eventually buy stocks the smart money knows this. Markets wont care for for anything.
Arthur Thompson
Arthur Thompson Jun 09, 2020 9:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pavan Vulli   I think your correct on that, as Hertz claimed bankruptcy and people started buying up the shares. The only reason I could see is that they believe the Fed will not let that happen and will bail them out. Which could mean, that any incompetent person could have a business and run it into the ground, the Fed bails that person out and that person repeats the same process all over again. Then the cycle repeats it's self all over again.  What I do believe is, all this may very well be true, a journalist under the description of what a journalist is, should report the truth and not pick out the segments that sounds good in their story. The same is for history, for centuries political leaders have practiced deception to win the public's favor. This goes all the way back to the Egyptian times and further back,  and is presently in our society today and is taught in our schools as fact, even though there is proof  that this is not the case anymore.
John Patrick
John Patrick Jun 09, 2020 9:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall St rally 'Pauses' Lovely subtle language suggesting there is more on the upside
Abdurrahman Sünnü
Abdurrahman Sünnü Jun 09, 2020 9:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They've changed it afterwards! Nice shot!
Noel Amparo
Noel Amparo Jun 09, 2020 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The funniest part? Trump's friends already know what will happen at Fed's upcoming meeting, and you don't.
Show previous replies (6)
rob finch
rob finch Jun 09, 2020 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Noel is just projecting liberal values onto us. But we are not Alinskyites. Besides Trump doesn't need to steal money like most politicians.
Noel Amparo
Noel Amparo Jun 09, 2020 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We all know this is simply true... I don't know why you guys so upset about it. Like I said it's fun fact but you guys are taking it seriously lol. I have nothing against presidents or anyone in particular. I actually admire Trump. And regardless of what it looks like, he has friends and an election to win. He will do his best to keep the stock market balanced lol. Just saying facts. But you guys go very sentimental on politics. Chill out people.
rob finch
rob finch Jun 09, 2020 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I just figured I'd use the opportunity to criticize "Rules for Radicals" and moral relevancy. It's what I do:)
Jonathan Sutton
Jonathan Sutton Jun 09, 2020 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
rob finch trump has been sued in court countless times for atealing money and lost soooo.... yeah he does apparently need to steal money. Hes even stolen from charities dude, wake up.
Saul Alfredo
Saul Alfredo Jun 09, 2020 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Brooo, that was a good one
Mhachamo Kithan
Mhachamo Kithan Jun 09, 2020 9:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I got a feeling that today is going to end up with (+)2.5%
Kaveh Sun
Kaveh Sun Jun 09, 2020 9:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It will be down, profit taking.
Van Phan
Van Phan Jun 09, 2020 9:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good time to buy some more!!! many of them still have room for growth!!!
Franco Dominguez
Franco Dominguez Jun 09, 2020 9:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Camaro Camero
Camaro Jun 09, 2020 9:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
not yet. wait until the late afternoon and see where they sit.
Ali Bransford
Ali Bransford Jun 09, 2020 8:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
held Puts overnight into today was right move. FJIA heavy resistance 27700 likely not breaking. Fed meeting will be catalyst to sell back down for a while also technicals weak now. HODL on Puts this week easy quick $$$.
Ali Scander
Ali Scander Jun 09, 2020 8:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nice move. I feel like it will bounce back up quick though.
Geese Dude
Geese Dude Jun 09, 2020 8:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So if it's about the Fed, then it's not about the recovery, is it. lol.
Mike Chen
Mike Chen Jun 09, 2020 8:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Buy before Fed’s announcement!
Ali Scander
Ali Scander Jun 09, 2020 8:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why?
Chris Garrett
Chris Garrett Jun 09, 2020 8:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
probably right.90% chance that bad news will bring market up
Akashu Patel
Akashu Patel Jun 09, 2020 8:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
One of the crazy things these days!
Camaro Camero
Camaro Jun 09, 2020 8:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Chris Garrett  lol things are backwards for sure
Jason Lebron
Jason Lebron Jun 09, 2020 8:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
gold has more downside than upside in this economy
Silverbug 19
Silverbug 19 Jun 09, 2020 7:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gold $50000
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email