The Dow closed 205.49 points lower, or 0.77%, at 26,379.28. The S&P 500 dipped 0.65% to 3,218.44. The Nasdaq Composite slid 1.27% to 10,402.09. Stocks were mostly lower on Tuesday as traders searched for clues about the next coronavirus stimulus package.
Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan Monday. The legislation would include relief for jobless Americans, another direct payment to individuals of up to $1,200, more Paycheck Protection Program small business loan funds, among other provisions. McConnell said the bill would set federal unemployment insurance at 70% of a worker's previous wages, replacing the $600 per week which states stopped paying out this week. However, House Speaker Nancy Pelosi said that Republicans are "not really ready to have a serious negotiation."
Shares of the major tech companies were under pressure, giving back some of their solid gains from the previous session. Facebook fell 1.45%. Amazon, Netflix and Apple all dropped at least 1.40%. Companies that would benefit from the economy reopening rose broadly. Cruise operators Carnival and Norwegian Cruise Line advanced 4.22% and 6.28%, respectively. American Airlines gained 3.34% and United rose 3.21%.
The Federal Reserve is set to release its latest decision on monetary policy. Boeing is scheduled to report earnings on Wednesday along with General Electric and others.
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