- US equities moved on Tuesday as surging COVID-19 infections across the country revived worries of a lengthy economic downturn.
- A brand-new report from the Organisation for Economic Co-operation and Advancement explained the virus’s labor-market fallout as “far even worse than” that seen throughout the financial crisis.
- Economic-reopening plays consisting of airlines and cruises toppled.
- Oil fell, with West Texas Intermediate crude sliding as much as 1.8%, to $3990 per barrel.
- Watch major indexes upgrade live here
United States stocks dipped on Tuesday as rising coronavirus infections triggered fresh concerns of an extended financial recession.
A new report from the Organisation for Economic Co-operation and Development detailed the danger of a 2nd wave of coronavirus cases. The OECD expects the US unemployment rate to remain elevated at 10.4%through the fourth quarter of the year.
Labor market damage sustained from the pandemic is “far worse than” that seen throughout the financial crisis and requires an extension to unemployment benefits, the OECD cautioned.
Here’s where United States indexes stood shortly after the 9: 30 a.m. ET market open on Tuesday:
- S&P 500: 3,16645, down 0.4%
- Dow Jones industrial average: 26,06906, down 0.8%(218 points)
- Nasdaq composite: 10,42823, down 0.1%
Novavax spiked after the US government granted the firm $1.6 billion for testing and producing its coronavirus vaccine. Tuesday’s grant is the largest yet from Operation Lightning speed, the White House’s plan to quickly establish and provide a practical vaccine or treatment for the months-long pandemic.
In Other Places, Tesla stock continuing its climb through record territory on upgrades from bearish experts.
Oil rates decreased ahead of information anticipated to show United States gas stocks increasing. West Texas Intermediate crude moved as much as 1.8%, to $3990 per barrel. International benchmark Brent crude fell 1.5%, $4246 per barrel, at intraday lows.
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Tuesday’s decrease follows a strong growth to begin the week. United States stocks soared on Monday on the back of China’s most significant single-day equities rally because2015 Tech giants drove major indexes greater and helped the Nasdaq composite notch a record high. Amazon swung above $3,000 per share and reached an all-time high of its own.
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