Wall Street traded lower on Tuesday as market participates responded to grim warnings from White House health advisor Dr. Anthony Fauci. Fauci testified before the Senate Committee on Health, Education, Labor and Pensions on the federal government's response to the coronavirus pandemic over video conference on Tuesday, cautioning that the United States could face more "suffering and death" if states move to reopen businesses too quickly. Fauci also warned that hasty reopening plans can led to multiple outbreaks across the country, thus prolonging the coronavirus emergency.
The stock market turned soar following the hearing, with all three indices losing any previous gains. The Nasdaq also broke from its multi-day winning streak, leading the broader market towards heavy declines.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): -2.05% or -60.20 points to 2,870.12
Dow Jones Industrial Average (NYSE: DIA): -1.89% or -457.21 points to 23,764.78
Nasdaq Composite Index (NASDAQ: QQQ): -2.06% or -189.79 points to 9,002.55
In Major Stock News, rumors swirled that Uber (NYSE: UBER) was in talks to takeover GrubHub (NYSE: GRUB), leading the latter to halt trading due to rapid share price increases. Luckin Coffee (NASDAQ: LK) announced the firing of both its CEO and COO and subsequent suspension or leave for at least six other employees in response to the alleged inflated sales scandal. Luckin stated that it "has been cooperating with and responding to inquires form regulatory agencies in both the United States and China." Novavax (NASDAQ: NVAX) shares soared following new that the Coalition for Epidemic Preparedness Innovations committed up to $338 million for the company's potential COVID-19 vaccine.
In Stock Sector News, every sector fell with the broader market during Tuesday's session. The performance declines were as follows: Real Estate -4.25%, Industrials -2.84%, Financials -2.67%, Energy -2.36%, Consumer Discretionary -2.25%, Information Technology -2.14%, Communication Services -1.94%, Material -1.56%, Health Care -1.49%, Utilities -0.90% and Consumer Staples -0.87%.
In Commodity and Currency News, crude oil futures in the United States fell on Tuesday, with West Texas Intermediate (NYSE: USO) declining over 2% to price at $25.25 per barrel. Brent Crude (NYSE: BNO) conversely increased over 1.10%, bringing barrel prices to $29.98 per barrel. Gold (NYSE: GLD) gained 0.45% on Tuesday, making the metal's per ounce over $1,700 once again. Finally, the U.S. Dollar (NYSE: UUP) increased 0.10%.
As the market moves into the midweek, investors will focus on more coronavirus headlines as well as Federal Reserve Chairman Jerome Powell scheduled to speak to current issues facing the U.S. economy.