Nasdaq tumbles 2.1% to mark biggest intraday reversal in 3 months as California orders rollback on eased coronavirus restrictions
U.S. stock indexes squandered a powerful, technology-led rally Monday, with gains collapsing as California signaled that it was re-imposing some restrictions on business reopenings as coronavirus cases rise in the Golden state. The Nasdaq Composite index
COMP,
swung from nearly a 2% gain early Monday to a decline of about 2.1% at about 10,390. Tech-related names like Tesla
TSLA,
whose shares were enjoying a 14% gain earlier in the session, closed off 3.1% on the session, after touching a record-setting market value of more than $320 billion. California also took a U-turn on Monday, with Gov. Gavin Newsom ordering every county bar in the state to shutter, as well as restaurants offering indoor dining, movie theaters and wineries. Meanwhile, the Dow Jones Industrial Average
DJIA,
closed with a meager gain of 0.1% at around 26,086, but had hit a intraday peak at 26,639, while the S&P 500 index finished down 1% after hitting an intraday peak at 3,235. Monday’s opening gains had been powered by news on the health front. the Food and Drug Administration granting Pfizer Inc.
PFE,
and BioNTech SE
BNTX,
on two of their COVID-19 vaccine candidates, accelerated status.
