The Nasdaq Composite hit a fresh milestone, crossing the 10,000 mark for the first time before settling slightly below that level, but still at a record high. Large-cap tech names such as Apple and Amazon helped drive the gains, both also hitting fresh records.
|I:COMP||NASDAQ COMPOSITE INDEX||14146.712079||-83.20||-0.58%|
For the other benchmarks, the Dow Jones Industrial Average fell 300 points or 1.09 percent, while the S&P 500 dropped 0.78 percent as investors did some profit-taking ahead of the Federal Reserve's decision on interest rates and fresh assessment of the economic recovery set for Wednesday.
|I:DJI||DOW JONES AVERAGES||36054.43||-70.13||-0.19%|
Looking at stocks, travel-related companies saw profit-taking after scoring big gains in recent sessions. Dow component Boeing was lower after rallying 50 percent over the previous four sessions while American Airlines saw profit-taking following its 81 percent gain since Wednesday.
Hertz Global Holdings, which last month filed for Chapter 11 bankruptcy, was under pressure after shares soared 574 percent over the previous three sessions.
|BA||THE BOEING CO.||236.94||+2.75||+1.17%|
|AAL||AMERICAN AIRLINES GROUP INC.||13.48||+0.35||+2.67%|
Gilead Sciences’ experimental COVID-19 treatment remdesivir slowed the progression of the disease in monkeys, according to a study published Tuesday by the medical journal Nature.
|GILD||GILEAD SCIENCES INC.||79.36||+0.34||+0.43%|
Embattled oil and natural gas producer Chesapeake Energy is preparing for a bankruptcy filing, according to a Bloomberg report, citing people with knowledge of the matter.
Meanwhile, energy giants Exxon Mobil and Chevron slid after Saudi Arabia announced its extra voluntary production cut would cease at the end of June. West Texas Intermediate crude oil gained 1.96 percent to $38.94 a barrel.
|CHK||CHESAPEAKE ENERGY CORP.||73.95||-2.44||-3.19%|
|XOM||EXXON MOBIL CORP.||99.16||-1.26||-1.25%|
Looking at earnings, Macy’s updated preliminary first-quarter results showed the department store chain lost $652 million in the three months through March, less than the $905 million to $1.1 billion that was previously expected. The company announced late Monday it had secured $4.5 billion of new financing.
Tiffany & Co. swung to a loss in its first quarter, which began in February, as COVID-19 shut stores worldwide. The jeweler said business in China picked up rapidly in May as sales spiked 90 percent.
U.S. Treasurys rallied sharply, dropping the yield on the 10-year note by 6 basis points to 0.824 percent.
In Europe, Germany’s DAX declined 1.57 percent, France’s CAC sank 1.55 percent and Britain’s FTSE lost 2.11 percent.
Asian markets finished mixed, with Japan’s Nikkei sliding 0.38 percent while Hong Kong’s Hang Seng and China’s Shanghai Composite gained 1.13 percent and 0.63 percent, respectively.