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04 May, 2021 21:54 04 May, 2021 21:54

US close: Stocks mixed following sell-off in tech shares

New York Stock Exchange, NYSE, markets, Wall Street, US. Photo: Grant Wickes

Wall Street stocks put on a mixed performance on Tuesday, with the Dow Jones closing higher but the Nasdaq Composite suffering heavy losses on the back of a sell-off in tech stocks.

At the close, the Dow Jones Industrial Average was up 0.06% at 34,133.03, while the S&P 500 closed out the session 0.67% weaker at 4,164.66 and the Nasdaq Composite closed 1.88% lower at 13,633.50.

The Dow closed 19.80 points higher on Tuesday, narrowly extending gains recorded in the previous session.

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 also traded 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.

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.


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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.