The Nasdaq Composite paced the declines falling 1.4%, while the S&P 500 ended little changed. The Dow Jones Industrial Average rallied over 262 points or nearly 1%.
|I:DJI||DOW JONES AVERAGES||34798||+33.18||+0.10%|
|I:COMP||NASDAQ COMPOSITE INDEX||15047.699032||-4.54||-0.03%|
Boeing shares gained more than 5% as investors anticipated the return of the Max 737 jet.
"We expect that this process will be finished in the coming days, once the agency is satisfied that Boeing has addressed the safety issues that played a role in the tragic loss of 346 lives aboard Lion Air Flight 610 and Ethiopian Airlines Flight 302," FAA Administrator Steve Dickson told FOX Business in a statement.
|BA||THE BOEING CO.||221.39||+0.29||+0.13%|
OIL HITS $41 PER BARREL
Fellow Dow member Caterpillar hit a fresh record while Chevron also rallied as West Texas Intermediate crude rose to the $41 per barrel level. Cyclical stocks outperformed growth names for a second session.
|USO||UNITED STATES OIL FUND L.P.||51.82||+0.44||+0.86%|
EU TARGETS AMAZON
Amazon shares fell, pacing the selling of other major tech names after the European Union alleged the e-commerce giant violated antitrust rules.
In deal news, Target and Ulta announced plans to team up to open the smaller beauty stores inside the big-box retailer.
|ULTA||ULTA BEAUTY, INC.||382.13||+1.37||+0.36%|
On the vaccine front, late Monday, Eli Lilly & Co. received emergency use approval from the FDA for its COVID-19 antibody treatment. Shares of Lilly rose more than 4% on Tuesday.
|LLY||ELI LILLY & CO.||231.68||-0.50||-0.22%|
This followed confirmation that Pfizer and BioNTech's COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on.
The news comes as the U.S. surpassed 10 million coronavirus cases Monday, becoming the first country to hit the milestone, according to data from Johns Hopkins University.
Globally, there are more than 50.9 million cases, resulting in 1.26 million deaths.
Apple, which has been a beneficiary of employees working from home due to the pandemic, announced, as expected, key updates to the Mac including Apple Silicon chips used in the PCs. Shares ended little changed.
Homebuilder D.R. Horton posted a strong quarter posting better-than-expected profits due to ongoing demand for housing.
|DHI||D.R. HORTON, INC.||87.04||-0.28||-0.32%|
Ride-hailing firm Lyft and mortgage originator Rocket Companies will be among the other companies to report quarterly results Tuesday.
|RKT||ROCKET COMPANIES INC.||16.98||+0.10||+0.59%|
Plant-based meat company Beyond Meat saw its shares drop after posting a $19 million loss after McDonald's announced plans for a new plant-based burger.
|BYND||BEYOND MEAT, INC.||109.69||-3.19||-2.83%|
SMALL BUSINESS, JOLTS IN FOCUS
NFIB's Small Business Optimism Index for October rose to 104, while the September JOLTS report showed companies are hiring at a quicker pace.
In September, there were 6.436 million job openings available, compared to economists' expectations of 6.5 million, roughly in line with the previous month's data.
In other commodities, gold rose 1.2% to $1,875.40.