The price action is essentially the opposite we saw nearly a year ago when the start of the pandemic and lockdowns drove up “stay at home” stocks.
The major U.S. stock indexes settled lower on Tuesday, pressured by popular technology issues, Apple and Tesla. Losses were softened, however, by a climb in materials stocks as investors waited for the U.S. Congress to approve another stimulus package. The S&P 500 on Monday logged its best day since June as markets cheered approval of a third COVID-19 vaccine in the United States and the U.S. House of Representatives’ green light for a $1.9 trillion coronavirus relief package.
The direction of the March E-mini Dow Jones Industrial Average into the close on Tuesday will be determined by trader reaction to 31450 and 31587.