- 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.
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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.
Gold slipped 0.05%, to $1,790.80 per ounce.