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US stocks drop as the economic reopening trade takes a hit

Published by Business Insider on Tue, 04 May 2021

<p><img src="https://static3.businessinsider.com/image/60913c01f22c6b00185db6bb-2400/gettyimages-526380650.jpg" border="0" alt="Goldman Sachs traders NYSE" data-mce-source="Ramin Talaie/Corbis/Getty Images" data-mce-caption="Goldman Sachs traders work on the floor of the New York Stock Exchange in New York, Monday, March 7, 2011."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>US stocks dropped Tuesday as investors grew wary over the reopening trade that has continued to support the market's upward moves. Shares of re-opening darlings <a href="https://markets.businessinsider.com/stocks/dal-stock">Delta Airlines</a>, <a href="https://markets.businessinsider.com/stocks/aal-stock">American Airlines</a>, <a href="https://markets.businessinsider.com/stocks/rcl-stock">Royal Caribbean</a>, and <a href="https://markets.businessinsider.com/stocks/nclh-stock">Norwegian Cruise Lines</a> were all down at least 1% in early morning trading.&nbsp;</p><p>The dollar stayed higher, while the yield on the 10-year Treasury note remained relatively flat, hovering around 1.59%.&nbsp;</p><p><a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer's</a> quarterly earnings and revenue beat Wall Street's expectations. The pharmaceutical giant also expects full-year sales of $26 billion from the vaccine, higher than its previous forecast of about $15 billion. Shares of Pfizer gained 0.7% Tuesday morning. Other companies reporting today include T-Mobile, American Express, and Lyft. <a href="https://markets.businessinsider.com/earnings-calendar">Find a full calendar of earnings here</a>.&nbsp;</p><p><strong>Here's where US indexes stood at the 9:30 a.m. ET open on Tuesday:</strong></p><ul><li aria-level="1"><a href="https://markets.businessinsider.com/index/s&amp;p_500'utm_source=markets&amp;utm_medium=ingest"><strong>S&amp;P 500</strong></a><strong>:</strong> 4,176.33, down 0.4%&nbsp;</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/dow_jones'utm_source=markets&amp;utm_medium=ingest"><strong>Dow Jones industrial average</strong></a><strong>:</strong> 34,044.28, down 0.20% (68.95 points)</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/nasdaq_composite'utm_source=markets&amp;utm_medium=ingest"><strong>Nasdaq composite</strong></a><strong style="color: #222222;">:</strong> 13,773.39, down 0.91%</li></ul><p><a href="https://markets.businessinsider.com/currencies/eth-usd'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Ether</a> jumped to a record high of close to $3,500 on Tuesday a<a href="https://markets.businessinsider.com/currencies/news/ether-price-eth-ethereum-record-high-momentum-target-2021-5-1030383271">s interest in the world's second-biggest cryptocurrency continued to grow.</a></p><p><a href="https://markets.businessinsider.com/commodities/oil-price'type=wti'utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude</a> was up 1.5%, to $65.46 per barrel.<a href="https://markets.businessinsider.com/commodities/oil-price'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest"> Brent crude</a>, oil's international benchmark, jumped 1.6%, to $68.64 per barrel.</p><p><a href="https://markets.businessinsider.com/commodities/gold-price'utm_source=markets&amp;utm_medium=ingest">Gold</a> slipped 0.05%, to $1,790.80 per ounce.</p><p><a href="https://www.businessinsider.com/stock-market-news-today-reopening-trade-economic-recovery-pfizer-earnings-2021-5#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/sneaky-ways-costco-buy-more-tricks-2018-5">Sneaky ways Costco gets you to buy more</a></p>
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