Wall Street gave back some of the gains made in previous trading sessions on Tuesday as mounting coronavirus cases in the United States outweighed positive economic data. Daily new infections across states in the Southern and Western parts of the nation, threatening any bullish moves in for the market as investment sentiment remains uneasy. On Tuesday, all three major market indices retreated from recent advances, with the Dow Jones declining almost 400 points.
Meanwhile, the Bureau of Labor Statistics report on jobs openings for May exceeded expectations by almost 1 million on Tuesday, showing an increase of about 5.4 million. The number of hires for the same month also rose by a record 2.4 million to 6.5 million.
"These improvement in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it," the agency said in a statement.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
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For Stock Sectors, most industries responded to the wave of coronavirus fears washing over the market, with only Consumer Staples advancing +1.01%. The rest of the performance losses were as follows: Energy -3.18%, Financials -2.07%, Industrials -1.94%, Consumer Discretionary -1.72%, Real Estate -1.60%, Information Technology -1.06%, Health Care -0.86%, Communication Services -0.37%, Utilities -0.35% and Materials -0.02%.
For Commodities and Currency, crude oil prices have succumbed to the coronavirus market pressure on Tuesday, with future demand fears outweighing positive economic data. West Texas Intermediate
For the midweek, market participants will focus on new mortgage applications data as well as earning from companies like Bed Bath & Beyond