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S&P, Nasdaq dip as Powell warns on economic recovery

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The S&P 500 and the Nasdaq retreated on Tuesday as Federal Reserve Chair Jerome Powell warned the U.S. economic recovery remained far from complete, with a selloff in some of the biggest technology companies also weighing on sentiment.

The U.S. flag is seen outside of the New York Stock Exchange in New York City, U.S., September 21, 2020. REUTERS/Andrew Kelly

“The things that are obvious to us are that small businesses are closing and unemployment remains high in the services sector. The Fed aggressively wants to address both of those with more fiscal stimulus.” House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone on Monday about fresh relief measures and were preparing to talk again on Tuesday.A rotation into value-linked sectors such as industrials also boosted the blue-chip Dow, but the Nasdaq slipped further away from record highs following a dip in shares of heavyweight technology mega-caps.

Boeing Co fell 2.8% after the planemaker cut its rolling 20-year forecast for airplane demand due to the fallout from the COVID-19 pandemic.jumped 6.3% after the European health regulator said it had started a real-time review of the COVID-19 vaccine being developed by the German biotech firm and U.S. drugmaker Pfizer Inc. Pfizer's shares dipped 0.1%.

 

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