/US stocks drop as the economic reopening trade takes a hit

US stocks drop as the economic reopening trade takes a hit


Goldman Sachs traders NYSE

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 Delta Airlines, American Airlines, Royal Caribbean, and Norwegian Cruise Lines were all down at least 1% in early morning trading.

The dollar stayed higher, while the yield on the 10-year Treasury note remained relatively flat, hovering around 1.59%.

Pfizer’s 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. Find a full calendar of earnings here.

Here’s where US indexes stood at the 9:30 a.m. ET open on Tuesday:

Ether jumped to a record high of close to $3,500 on Tuesday as interest in the world’s second-biggest cryptocurrency continued to grow.

West Texas Intermediate crude was up 1.5%, to $65.46 per barrel. Brent crude, oil’s international benchmark, jumped 1.6%, to $68.64 per barrel.

Gold slipped 0.05%, to $1,790.80 per ounce.

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