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All three of Wall Street’s main indexes started the week on the back foot as worries about new lockdowns in Europe and a stalemate in Congress over the size and shape of another coronavirus-response bill dented hopes of a swift economic recovery.
The S&P 500 closed down just under 9% on Monday from hitting a record high on Sept. 2, floating just above correction territory.
The growth-linked technology sector was the only one to post gains in the previous session, while value-oriented sectors such as industrials, energy and financials tumbled about 3%.
Early premarket gainers on Tuesday included Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) Inc and Facebook Inc (NASDAQ:FB), all of which have dominated Wall Street’s rally since a coronavirus-driven crash in March.
At 6:37 a.m. ET, Dow e-minis were down 5 points, or 0.02%. S&P 500 e-minis were up 7 points, or 0.21% and Nasdaq 100 e-minis were up 81.5 points, or 0.74%.
Tesla (NASDAQ:TSLA) Inc fell 3.4% after Chief Executive Officer Elon Musk warned about the difficulties of speeding up production as an expert cautioned the carmaker’s increased reliance on large-scale aluminium parts could bring new manufacturing challenges.
Oracle Corp (NYSE:ORCL) shed 1.2% on report that Beijing was unlikely to approve a proposed deal by the software maker and Walmart (NYSE:WMT) for ByteDance’s TikTok.
Carnival (NYSE:CUK) Corp lost 1% after the cruise operator announced sale of its two Princess Cruises ships – Sun Princess and Sea Princess – to undisclosed buyers.
