(eToro) | US stock indices snapped a winning streak that had lasted for over a week on Tuesday, with the S&P 500 falling 0.8% and the Dow Jones Industrial Average closing 1.1% lower. The Nasdaq Composite was still in the green, however, driven by a positive day for information technology stocks. It is now up by close to 11% year-to-date and has surpassed the huge milestone of 10,000 for the first time ever.
In earnings news, online pet supply firm Chewy reported Q1 earnings that included sales growth of 46% year-over-year, and a narrower loss than anticipated. The firm faced high expectations from investors, as its shares have rallied by more than 75% in 2020 so far. Chewy’s share price gained 5.6% yesterday ahead of its post-market close earnings announcement but sank back more than 3% in late trading.
In the S&P 500, the biggest losers on Tuesday were electronic component firm Aptiv, Norwegian Cruise Line and oil exploration firm Concho Resources, which all fell by double digits. Aptiv fell after announcing a new share offering, in which it is looking to raise $2bn in capital, split between ordinary shares and preferred shares. At the top of the S&P 500 were some of the nation’s biggest tech names, with chipmaker AMD, Netflix, Apple, Facebook and Amazon all closing more than 3% higher.
