Sharecast News
04 May, 2021 15:23 04 May, 2021 15:23

US open: Major indices fall as tech stocks come under pressure

wall street

Wall Street stocks were in the red early on Tuesday after the Dow Jones and S&P 500 saw out the previous session in the green, with tech stocks under a particular amount of pressure at the start of trading.

As of 1520 BST, the Dow Jones Industrial Average was down 0.53% at 33,933.72, while the S&P 500 was 0.95% weaker at 4,152.76 and the Nasdaq Composite came out the gate 2.03% softer at 13,612.77.

The Dow opened 179.51 points lower on Tuesday, taking a considerable bite out of gains recorded in the previous session after market participants backed stocks poised to benefit from an economic reopening.

SpreadEx's Connor Campbell said: "It's a big week for the US markets, but one that takes a while to get to the good stuff, with little of true value to tide investors over until Friday's potentially Fed-shifting nonfarm jobs report."

In the corporate space, Pfizer posted first-quarter revenues of $14.58bn, ahead of expectations of $13.51bn, and upped its full-year sales forecast. Elsewhere, news broke that the US looked set to approve the drugmaker's Covid-19 vaccine for 12-to-15-year-olds as early as next week.

CVS Health shares were also trading higher after the pharmacy chain raised its full-year guidance, while tech giants like Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all traded lower shortly after the open.

On the macro front, the US trade balance came in at -$74.4bn in March, according to the Census Bureau, bigger than the -$74.3bn figure expected on the Street and a 5.6% widening to yet another new record.

Elsewhere, factory orders figures from the Census Bureau revealed a 1.1% increase in orders in March to $512.9bn following a 0.5% drop in February.


News Source: © 2021 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.