The S&P 500 and Nasdaq 100 spent the whole day in the red, each closing down 0.4%. So ends the more than weeklong winning streak for the benchmark US stock index. The Russell 2000 finished marginally higher.
It was a classic risk-off day — except bond yields rose. Every S&P 500 sector ETF declined outside of consumer staples, utilities, and health care, the defensive pockets of the market. Financials and consumer discretionary were the worst-performing sectors.
Every member of the Magnificent 7 declined besides Tesla, which benefitted from a media spree from CEO Elon Musk in which he said that sales have “already turned around. Alphabet was the worst member of the cohort as it hosted a developers’ conference.
Moderna led the day’s S&P 500 gainers, popping 6% after the Food and Drug Administration approved its COVID-19 booster shot for people 65 and older or with high-risk conditions. UnitedHealth, a new hot stock among retail traders, continued its recent bounceback.
Travel stocks were among the larger decliners, including Norwegian Cruise Line, United Airlines, and Airbnb.
Warby Parker shares surged nearly 16% after Google unveiled plans to launch a series of new smart glasses and committed up to $150 million as part of the deal.
Shares of D-Wave Quantum soared 26% after the company announced that its highly anticipated Advantage2 quantum computing system is now available for sale and as a service.
Victoria’s Secret jumped 3% after the lingerie giant adopted a poison pill to fend off activist investor and Australian billionaire Brett Blundy.
Home Depot ticked higher before closing lower, after the retailer reported Q1 sales that fell slightly short of Wall Street expectations but reaffirmed its full-year guidance.
Lucid shares rose double digits Tuesday afternoon, marking further progress in the luxury EV maker’s recovery as it boosts delivery numbers and expands to more markets.
