Benchmarks were mixed on Tuesday as the decline in tech stocks pressured the broader market and offset the positive investor sentiment surrounding the United States' partial economic reopening. States like Alaska, Georgia, South Carolina, Tennessee and Texas have begun to pull back on social distancing, boosting the market as investors anticipate a better financial future. Yet, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, warned that the U.S. will be in for a "bad fall" season if an effective treatment for the coronavirus is not found in the summer.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): -0.52% or -15.09 points to 2,863.39
Dow Jones Industrial Average (NYSE: DIA): -0.13% or -32.23 points to 24,101.55
Nasdaq Composite Index (NASDAQ: QQQ): -1.40% or -122.43 points to 8,607.73
In Major Stock News, large retailers--Dillard's (NYSE: DDS), Gap (NYSE: GPS), JCPenny (NYSE: JCP), L Brands (NYSE: LB) and Nordstrom (NYSE: JWN)--rose on hopes that a partial reopening will help save the industry. FAANG stocks--Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX), traded lower as investors moved to more stocks that are impacted by the economic reopening. Big Banks--JPMorgan (NYSE: JPM), Goldman Sachs (NYSE: GS), Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC)--were boosted again. Merck (NYSE: MRK) shares fell after the drug maker cut its 2020 forecast due to the coronavirus.
In Stock Sector News, sectors posted a mixed session on Tuesday, with some losing Monday's gains. Those that posted positive performance gains include Energy +2.19%, Materials +1.96%, Industrials +1.84%, Financials +0.91%, Consumer Staples +0.44%, Utilities +0.35% and Real Estate +0.02%. The rest that declined on Tuesday include Health Care -2.13%, Communication Services -1.89%, Information Technology -1.41% and Consumer Discretionary -0.26.
In Commodity and Currency News, West Texas Intermediate's (NYSE: USO) June futures fell deeper on Tuesday, with barrel prices falling -1.10% to $12.64. Brent Crude's (NYSE: BNO) futures increased slightly by about 2% to $20.46 per barrel. For Gold (NYSE: GLD), the yellow metal's price fell -0.30% to price at $1,718.60 per ounce. Finally, the U.S. Dollar (NYSE: UUP) fell -0.12% as investors sentiment continues to rise.
For Wednesday, market participates will be responding to the Federal Reserve's latest monetary policy release as well as more corporate earnings.