NEW YORK: The S&P 500 and the Nasdaq dropped on Tuesday as excitement over signs of a first successful late-stage Covid-19 vaccine trial faded, while investors continued to pull money out of some Big Tech companies that have benefited most from the pandemic.
Amazon.com Inc, Facebook Inc and Microsoft Corp, which have flourished from this year's work-from-home shift and powered Wall Street to new heights, extended Monday's losses and pulled the tech-heavy Nasdaq down about 1.3%.
The tech, communication services and consumer discretionary indexes dropped sharply as investors moved to sectors expected to benefit from a full reopening of the economy, such as energy, industrials and materials.
Value-linked stocks, which tend to outperform coming out of a recession, added 0.8%, while growth stocks fell 1%.
At 11:31 a.m. ET, the Dow Jones Industrial Average was up 180.15 points, or 0.62%, at 29,338.12, the S&P 500 was down 9.76 points, or 0.27%, at 3,540.74. The Nasdaq Composite was down 148.07 points, or 1.26%, at 11,565.71.-Reuters
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