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Technology shares sink broader market although Dow has gain – Washington, District of Columbia

Washington, District of Columbia 2021-05-04 16:14:10 –

Shares have fallen on Wall Street on Tuesday, being dragged by major tech companies such as Apple and Microsoft. decline…

Shares have fallen on Wall Street on Tuesday, being dragged by major tech companies such as Apple and Microsoft. The fall marked the sixth consecutive loss of tech stocks. Investors will continue to focus on corporate profits and assess the progress of the economic recovery. While earnings and most economic data show a steady recovery, investors remain concerned about the protracted threat of COVID-19, inflation and other factors that could impede progress. The S & P 500 index fell 0.7%, the tech-heavy Nasdaq fell 1.9%, but the Dow showed a slight rise. Oil prices have risen while bond yields have fallen slightly.

This is the latest news update. The previous story of AP is as follows.

Shares fell steadily in Tuesday afternoon trading, dragged by major tech companies such as Apple and Google.

Most sectors of the Benchmark S & P 500 Index fell as investors continued to focus on corporate profits and measure the progress of the economic recovery. While earnings and most economic data show a steady recovery, investors remain concerned about the protracted threat of COVID-19, inflation and other factors that could impede progress.

A key concern was the recovery of the job market. Investors will get another update in this week’s job report.

Ross Mayfield, Baird’s investment strategist, said: “The big picture is that the revenue beat is strong and we expect big work prints on Friday.”

The S & P 500 Index fell 0.9% at 2:51 EST. The technology-intensive Nasdaq Composite fell 2.2% and Russell 2000 Index small cap stocks fell 1.5%. The Dow Jones Industrial Average fell 56 points (0.2%) to 34,055.

Large technology shares were pulling down the entire market. Apple was down 4%, Facebook’s share was down 2.4%, Google’s parent company was down 2.5%, and Amazon was down 2.9%. In addition to the tech stock fall that took place at the end of Monday, the Nasdaq ended in the red.

Bond yields have fallen. Yields on 10-year Treasuries fell from 1.60% the day before to 1.58%.

Saudi Aramco deregulated the coronavirus vaccine on Tuesday, and as major economies emerge from the recession, profits in the first quarter of this year are 30 compared to last year against the backdrop of rising oil prices and recovery in demand. % Said that it surged. roll out.

Until this week, stocks have risen in anticipation of economic recovery and strong company profits, as large-scale coronavirus vaccination programs help people return to work and normal activity after a year or more of restrictions I am. Massive support from the US government and the Federal Reserve Board, as well as increasingly positive economic data, have also motivated investors to bring stock indexes closer to record highs.

According to FactSet, more than half of S & P 500 companies have reported results so far this season, showing 54% profit growth.

On Monday, Federal Reserve Chairman Jerome Powell said the US economic outlook was “clearly brighter,” but the recovery remains too uneven.

Investors will receive a carefully watched job report on Friday. Economists predict that US employers hired 975,000 workers last month as the economy accelerated from a pandemic and vaccines were rolled out nationwide. The unemployment rate is expected to drop from 6% to 5.8%.

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