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Wall Street Ends off Session Lows as Tech Keeps Losses in Check

Stock MarketsJun 09, 2020 04:07PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - Wall Street ended off session lows despite late selling Tuesday, as gains in technology and expectations for the Federal Reserve to reiterate its accommodative stance on monetary policy kept losses in the broader market in check.   

The Dow Jones Industrial Average fell 1.09%, or 300 points, the S&P 500 slipped 0.78%, while the Nasdaq Composite added 0.29% to rise to another record high.

The Federal Reserve kicked off its two-day meeting on Tuesday and is widely expected to stand pat on interest rates but reiterate its readiness to roll out more stimulus to ensure an eventual economic recovery will be robust.  

At its previous meeting, the Fed recently floated the idea of using yield curve control, which allows central banks to target specific government bond yield through the purchase and sale of bonds, to help keep lending rates near zero.

Beyond monetary policy, investor appetite for growth stocks returned with FAANG stocks catching a bid, led by Facebook (NASDAQ:FB) and Apple (NASDAQ:AAPL).  

Apple jumped 3.16% as investors cheered a report suggesting the tech giant is set to begin production of iPhone 12 in July.

The general malaise in the broader market was paced by a slump in energy amid falling oil prices as investors appeared to take some profit on names in the sector that have jumped sharply recently.

Apache (NYSE:APA), Occidental Petroleum (NYSE:OXY), and Marathon Oil  (NYSE:MRO), all of which are up more than 30% over the past five days, fell sharply, with the latter down 9.19%.

The reopening trade – bullish bets on stocks tied to the progress of the economic reopening – took a breather, with travel and tourism stocks down sharply.

American Airlines (NASDAQ:AAL) fell 8.8%, Carnival (NYSE:CCL) slid 7.75%, and Marriott (NASDAQ:MAR) slipped 5.5%.

In other news, Stitch Fix (NASDAQ:SFIX) fell 4.6% after the company reported a wider-than-expected loss of $0.33 in its fiscal third quarter. 

Wall Street Ends off Session Lows as Tech Keeps Losses in Check
 

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Comments (10)
Jin News
Jin News Jun 09, 2020 6:05PM ET
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Some profit taking is good for the markets
Fred Smith
Fred Smith Jun 09, 2020 5:33PM ET
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Biden is my vote in November
Chris Garcia
Chris Garcia Jun 09, 2020 5:33PM ET
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Everyone knows Biden isn’t the real Dem candidate. He’s clearly suffering from Dementia. He wouldn’t stand a chance against Trump in a debate. Michelle Obama is waiting for when Biden steps down
Dee Mehta
DMFINANCE Jun 09, 2020 5:05PM ET
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Yes right tech is bloated to save spy
George Chege
George Chege Jun 09, 2020 5:03PM ET
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Should I sell EURUSD or should I buy
Robert DZ the patterns
Robert DZ the patterns Jun 09, 2020 4:46PM ET
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Fed runs the show.
معمار مجید قربانی
معمار مجید قربانی Jun 09, 2020 4:25PM ET
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heloo
Zohaib Hassan
Zohaib Hassan Jun 09, 2020 4:24PM ET
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so what to do with crude oil,, should we sell it or buy it now ,,where it's heading
Sri Tekumalla
Sri Tekumalla Jun 09, 2020 4:23PM ET
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Basically a RED day with less bad news
Large Father
Large Father Jun 09, 2020 4:23PM ET
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who is buying FB and Apple stock at all-time highs?! what is wrong with these markets?
Andrew carson
Andrew carson Jun 09, 2020 4:23PM ET
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or Hertz that filled for bankruptcy. and then there's Chesapeake...?
Large Father
Large Father Jun 09, 2020 4:23PM ET
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Andrew carson  something definitely fishy going on with the Nasdaq
Chris Sundo
Chris Sundo Jun 09, 2020 4:22PM ET
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People feel bored today as the weather is foggy.
 
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