Wall Street closed in the red due to the tech sector

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US, WASHINGTON (ORDO NEWS) — Major US stock indexes fell on Tuesday amid investors withdrawing from fast-growing stocks, but the transition to undervalued cyclic papers signaled hopes for a revival of the economy.

“The stock market today is getting money out of the tech sector and moving into economically sensitive undervalued stocks, where prices have suffered the most,” said Tim Griskey, chief investment strategist at Inverness Counsel in New York.

“This rotation is caused by the feeling that the states are opening and the economy is starting to grow again.”

“Since the economy does not open too quickly and does not provoke an increase in the incidence rate, it seems that the virus has peaked and may be on the decline, giving consumers hope that the economy will begin to grow again,” Griski added.

The Dow Jones Index fell 0.13% to 24.101.55 points, the S&P 500 lost 0.52% to 2.863.39 points, and the Nasdaq Composite – 1.4% to 8.607.73 points.

The rise was led by the energy and mining sectors.

S&P 500 earnings are expected to fall 14.8% in the first quarter, while analysts forecast an increase of 6.3% YoY on January 1, according to Refinitiv.

Following the publication of quarterly reports after the official session closed, Alphabet Inc shares rose more than 3%, Starbucks Corp shares fell 1.7%, and Ford Motor Co shares lost more than 6% in over-the-counter trading.


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