The New York Stock Exchange (NYSE) stands in lower Manhattan on May 18, 2020 in New York City. Markets surged today as promising details of a potential COVID-19 vaccine were released and more European countries gradually re-opened after months of lockdown.
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Dow Jones Industrial Average falls 397 points
Tech rally loses steam
Shares of the major tech companies closed well off their session highs, putting pressure on the major averages. Netflix closed around the flatline after hitting a record high along with Microsoft. Alphabet, Apple and Facebook also pared gains towards the end of the day.
Reopening trade falters
Names that would benefit from the economy recovering also fell on Tuesday. Carnival Corp dropped 6.66% and Delta Air Lines slid 5.03%. Retailers Gap and Nordstrom closed lower by 4.32% and 3.73%, respectively.
What happens next?
Weekly mortgage applications data and Bed Bath & Beyond earnings are set for release Wednesday.
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Stocks gave back some of the sharp gains from the previous session as a tech rally fizzled out and reopening names were under pressure.