REUTERS: The S&P 500 and the Nasdaq fell on Tuesday as excitement over signs of a first successful late-stage COVID-19 vaccine trial faded, while investors continued to pull money out of some Big Tech companies that have benefited most from the pandemic.
Value-linked stocks , which tend to outperform coming out of a recession, added 1per cent, while growth stocks fell 0.8per cent.The main U.S. indexes hit new peaks on Monday as encouraging data from a late-stage COVID-19 vaccine trial spurred bets of a swift economic recovery next year. Democrat Joe Biden's projected victory in the U.S. presidential election also added to the market cheer.
The apparent breakthrough in a coronavirus vaccine weakens the case for another large U.S. fiscal stimulus bill, but relief is still needed for struggling businesses, investors said.Senate Majority Leader Mitch McConnell last week argued for a smaller coronavirus stimulus package after data pointed to a drop in U.S. unemployment rate in October. At 12:40 p.m. ET the S&P 500 lost 6.89 points or 0.19per cent to 3,543.61 and the Nasdaq Composite lost 121.85 points or 1.04per cent to 11,591.93.