The Dow climbed 10.50 points, or 0.04%, to 26,085.80. The S&P 500 slid 0.94% to 3,155.22. The Nasdaq Composite fell 2.13% to 10,390.84. Stocks reversed course as a rally in major tech names — which briefly pushed the S&P 500 into positive territory for the year — fizzled out.
Shares of Microsoft ended the day down 3.09% while Facebook, Netflix Alphabet and Apple also closed lower. Big Tech started rolling over after the S&P 500 briefly turned positive for 2020. "No sentient human could look at some of the super-cap tech stocks and say the latest move wasn't anything other than a momentum-driven melt-up rally," says one trader. Wall Street also lost its footing after California Gov. Gavin Newsom ordered indoor operations for fitness centers, malls and places of worship, among others, to shut down amid rising Covid cases.
Pfizer and German biotech BioNTech SE were granted fast track designation by the FDA for two of the companies' four vaccine candidates against the coronavirus. Pfizer and BioNTech said they expect to start the next phase of the vaccine trial later this month with 30,000 subjects.