Here are today’s market moves:
S&P 500 down 0.76% to 3,910.52
Dow Jones down 0.94% to 32,423.15
Nasdaq down 1.12% to 13,227.70
Gold: $1,728
Bitcoin: $54,844
US10Y: 1.628%
Oil: $57.35
What Happened?
Stock indexes declined on Tuesday amid new concerns about the global economic recovery from the pandemic. Europe has recently seen a rise in new virus cases and increasing lockdown restrictions.
Fed Chair Jerome Powell told lawmakers today that the $1.9 trillion stimulus package is unlikely to lead to an increase in inflation.
Treasury Secretary Janet Yellen said that the White House would propose raising the corporate tax rate to 28% to pay for President Biden’s post-pandemic plans.
Today marks the one-year anniversary since the pandemic market bottom on March 23, 2020. Since then, the S&P 500 and Nasdaq are up 60% and 78%, respectively.
Also on this day last year, the Fed announced it would purchase an unlimited amount of Treasury bonds and mortgage-backed securities to support financial markets.
GameStop released its first earnings report today since the reddit-fueled frenzy.
What Else?
This Week
Tuesday: Earnings expected from Adobe and GameStop; Fed Chair Jerome Powell and Treasury Secretary Janet Yellen to testify to the House Financial Services Committee on their pandemic response.
Wednesday: Earnings expected from General Mills, KB Home, and Tencent.
Thursday: Earnings expected from Darden Restaurants; Weekly jobless claims.
Friday: February U.S. personal income and spending data released.