S&P 500, Nasdaq drop as investors ditch heavyweight tech stocks

REUTERS: The S&P 500 dropped 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 the big tech companies that have benefited most from the pandemic.

Value-linked stocks, which tend to outperform coming out of a recession, added 4per cent, while growth stocks fell 0.6per cent. U.S. regulators on Monday also authorized emergency use of the first experimental antibody drug for COVID-19 developed by Eli Lilly & Co, pushing its shares up by 2.2per cent. At 9:54 a.m. ET, the Dow Jones Industrial Average was up 76.21 points, or 0.26per cent, at 29,234.18, the S&P 500 was down 14.28 points, or 0.40per cent, at 3,536.22. The Nasdaq Composite was down 141.57 points, or 1.21per cent, at 11,572.21.

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