The Dow Jones Industrial Average closed at 34,269.16 on Tuesday with a loss of 473.66 points or -1.36%. The S&P 500 closed at 4,152.10 for a loss of 36.33 points or -0.87%. The Nasdaq Composite closed at 13,389.43 for a loss of 12.43 points or -0.09%. The VIX Volatility Index was higher at 21.84 for a gain of 2.18 points or 11.09%.
Tuesday's Market Movers
U.S. stocks sold off again Tuesday as Colonial Pipeline's fuel transportation remained closed. The company hopes to reopen by the end of the week. The S&P 500 was down -0.87% and the S&P 500 Energy Select Sector SPDR Fund (XLE, Financial) was down -2.57% as many refineries decreased production to manage for less fuel transport.
The March Job Openings and Labor Turnover Survey showed 8.123 million job openings, up from 7.526 million and higher than the estimated 7.4 million. The higher job openings along with last Friday's weaker jobs report raised more concerns over the labor market's openings versus hirings gap.
In other news:
- The NFIB Business Optimism Index increased to 99.8 in April from 98.2.
- The Treasury held auctions for 42-day bills at a rate of 0.005% and 3-year notes at a rate of 0.329%.
- IBM (IBM, Financial) was down -1.32% after announcing new artificial intelligence technologies including Watson Orchestrate, a multi-channel business productivity tool.
- Pfizer (PFE, Financial) was down -1.28% after the Food and Drug Administration approved the Pfizer vaccine for kids ages 12 to 15.
- Apple (AAPL, Financial) down -0.74% on Epic legal battle developments
- Lemonade (LMND, Financial): Revenue of $23.5 million decreased -10.3% year over year and beat estimates by $1.62 million. Q1 GAAP EPS of -$0.81 missed estimates by $0.03. Stock gained 3.93%.
- BigCommerce (BIGC, Financial): Revenue of $46.67 million increased 40.7% year over year and beat estimates by $4.49 million. Q1 GAAP EPS of -$0.12 beat estimates by $0.02 and non-GAAP EPS of -$0.04 beat estimates by $0.08. Stock was down -2.72%.
- Prism Technologies (PRZM, Financial) +65.00%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,206.99 for a loss of 5.71 points or -0.26%. The S&P 600 closed at 1,337.38 for a loss of 7.08 points or -0.53%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,337.08 for a gain of 11.08 points or 0.08%. The Dow Jones U.S. Small-Cap Value Index closed at 11,344.83 for a loss of 112.15 points or -0.98%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,712.95 for a loss of 24.23 points or -0.89%; the S&P 100 at 1,880.26 for a loss of 14.75 points or -0.78%; the Nasdaq 100 at 13,351.27 for a loss of 7.81 points or -0.058%; the Russell 3000 at 2,474.99 for a loss of 18.55 points or -0.74%; the Russell 1000 at 2,332.30 for a loss of 18.29 points or -0.78%; the Wilshire 5000 at 43,264.18 for a loss of 331.41 points or -0.76%; and the Dow Jones US Select Dividend Index at 865.67 for a loss of 12.71 points or -1.45%.
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