Nasdaq declines on weak technology stocks

Two of Wall Street’s major indexes dropped on Tuesday, with the S&P 500 recording a minimal decline and the Nasdaq plunging 1.4%. This came after investors withdrew from tech-related stocks, favoring virus-beaten sectors in hopes that a COVID-19 vaccine will fuel an economic rebound.

The heavyweight technology and consumer discretionary sectors hit low grounds, while the communication sector suffered as investors focused on the energy and industrial sectors. More so, investors had resorted to value shares in consumer staples.

The Dow Jones Industrial Average gained 0.9%. However, the S&P 500 recorded a 0.14% drop as the tech-heavy Nasdaq fell 159.93 points.

Wall Street’s main indexes reached intraday highs on Monday. The series of increase came after Pfizer Inc said that its vaccine, co-developed by BioNTech, was 90% effective against the coronavirus.