The Dow snapped its four-day winning streak as big tech shares slid. Here's how the major averages performed: - The Dow dropped 32 points. - The S&P 500 fell .52%. - The Nasdaq lost .4%.
rose on Tuesday amid enthusiasm around the prospect of states reopening the U.S. economy and was headed for its longest daily winning streak since the start of 2020.
A decline in large-cap tech stocks capped the gains for the major indexes. Alphabet fell more than 2% ahead of its latest earnings release, which is set for after the close. Facebook dropped 1.4% while Amazon slid nearly 2%. Netflix shares fell 3.6% to lead the Nasdaq Composite lower by 0.4%. Wall Street was coming off of strong gains on Monday, with the Dow closing above 24,000 for the first time since April 17. Monday's gains put the S&P 500 on pace for its biggest one-month gain since 1987 with an 11.4% surge in April.
"The stock market is increasingly reflecting a restart in the economy as more and more states show a willingness to allow some economic activities to come back online," Jim Paulsen, chief investment strategist at The Leuthold Group told CNBC.
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