US stocks drop as the economic reopening trade takes a hit
- US stocks dropped at the open Tuesday as the economic re-opening trade lost steam. Airline stocks fell.
- Pfizer beat earnings expectations and upped its forecast for how many billions in sales the vaccine will bring in 2021.
- Ether continued to rally to new highs.
US stocks dropped Tuesday as investors grew wary over the reopening trade that has continued to support the market's upward moves. Shares of re-opening darlings Delta Airlines, American Airlines, Royal Caribbean, and Norwegian Cruise Lines were all down at least 1% in early morning trading.
The dollar stayed higher, while the yield on the 10-year Treasury note remained relatively flat, hovering around 1.59%.
Pfizer's quarterly earnings and revenue beat Wall Street's expectations. The pharmaceutical giant also expects full-year sales of $26 billion from the vaccine, higher than its previous forecast of about $15 billion. Shares of Pfizer gained 0.7% Tuesday morning. Other companies reporting today include T-Mobile, American Express, and Lyft. Find a full calendar of earnings here.
Here's where US indexes stood at the 9:30 a.m. ET open on Tuesday:
- S&P 500: 4,176.33, down 0.4%
- Dow Jones industrial average: 34,044.28, down 0.20% (68.95 points)
- Nasdaq composite: 13,773.39, down 0.91%
Ether jumped to a record high of close to $3,500 on Tuesday as interest in the world's second-biggest cryptocurrency continued to grow.
West Texas Intermediate crude was up 1.5%, to $65.46 per barrel. Brent crude, oil's international benchmark, jumped 1.6%, to $68.64 per barrel.
Gold slipped 0.05%, to $1,790.80 per ounce.