Tuesday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite all posted losses on Monday, according to CNBC.
- The Dow Jones Industrial Average fell 104.53 points, or 0.40 percent, to close at 27,686.91.
- The S&P 500 fell 0.80 percent to close at 3,333.69.
- The Nasdaq Composite fell 1.70 percent to close at 10,782.82.
Earlier in the session, investors cheered after Russia announced that they had the world's first approved COVID-19 vaccine. There is skepticism about whether Russia's regulatory process is safe given the quick timeline. However, investors were optimistic after the news broke and cyclical stocks soared.
As the session got into the later evening, a tech sell-off eventually dragged the whole market down. Facebook and Amazon fell more than 2 percent. Netflix fell 3 percent and Microsoft fell 2 percent.
Tomorrow, U.S. inflation data is set to be released on Wednesday. Cisco Systems and Lyft are also reporting earnings.