Tuesday Stock Market Update
The Dow Jones Industrial Average and S&P 500 closed in the green, while the Nasdaq fell, according to CNBC.
- The Dow Jones Industrial Average gained 159.53 points, or 0.60 percent, to close at 26,840.40.
- The S&P 500 gained 0.17 percent to close at 3,257.30.
- The Nasdaq Composite closed down 0.81 percent to close at 10,680.36.
Shares of big tech companies fell more than 1 percent. Tech shares have been surging throughout the coronavirus crisis. In July alone, Facebook, Amazon, Netflix, Microsoft, and Apple are all up at least 2.5 percent in July.
Shares of financial institutions surged today. JPMorgan Chase gained 2.17 percent and Bank of America gained 3.56 percent. "The price action is the reverse of Monday directionally as cyclicals/value outperform while investors book profits in growth/momentum,” said one trader.
Investors were also keeping a close eye on capitol hill as lawmakers discuss the next coronavirus relief bill. The $600 federal unemployment boost ends by the end of this month, so lawmakers are on a strict timeline.
Weekly mortgage applications data and existing home sales numbers will be released Wednesday. Microsoft and Tesla will also be reporting earnings.