A pedestrian passes in front of the New York Stock Exchange.
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Dow Jones Industrial Average loses 104 points

The Dow lost 104.53 points, or 0.4%, to close at 27,686.91. The S&P 500 lost 0.8% to 3333.69. The Nasdaq Composite dropped 1.7% to 10,782.82. A late-day sell-off in tech shares dragged the S&P 500 into the red after it came within inches of its late-February all-time high.

Vaccine hope sparks rotation into reopening trade

Sentiment over a coronavirus vaccine was lifted after local news agencies reported Russian President Vladimir Putin claimed the country had given regulatory approval for the world's first Covid-19 vaccine. While there was skepticism about whether Russia had developed a safe vaccine so quickly, the news triggered optimism from investors about the race for an inoculation and perhaps that the market isn't pricing in how quickly a valid one could be ready. This all led to traders piling into names that would benefit from the economy reopening at the expense of tech stocks.