U.S. stocks fell from record levels on Tuesday as the recent rally driven by signs of strong economic rebound took a pause.
 | TUE, APR 06, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 126.21 | +0.31 | +0.25% | | INTC | 65.56 | -0.98 | -1.47% | | MSFT | 247.86 | -1.21 | -0.49% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | VIAC | 44.35 | +1.45 | +3.38% | | AAPL | 126.21 | +0.31 | +0.25% | | F | 12.92 | +0.22 | +1.73% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 126.21 | +0.31 | +0.25% | | AMD | 81.44 | +0.01 | +0.01% | | TSLA | 691.62 | +0.57 | +0.08% | |
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After a fierce rally to records driven by strong economic data, the market is now in a wait-and-see mode for the next catalyst — first-quarter earnings. The S&P 500 fluctuated for most of Tuesday's session to close slightly lower. The equity benchmark closed at a record high above 4,000 in the previous session, bringing its 2021 gains to more than 8%. The Dow Jones Industrial Average also slipped nearly 100 points from a record.  The latest run-up was prompted by a solid rebound in the labor market, as well as in the services and manufacturing industries amid an accelerated Covid vaccine rollout. Now the focus is shifted to whether companies will live up to their high expectations in terms of earnings growth. Big banks including JPMorgan and Goldman Sachs kick off the new earnings season next week. First-quarter earnings are expected to be up 24.2% year over year, according to Refinitiv. "We expect sizable earnings beats this time," Bank of America's strategists said in a note on Tuesday. While earnings could be a driver for stocks going forward, CNBC's senior markets commentator, Mike Santoli, pointed out that boring markets tend to be bullish. So stocks could see further upside even without a concrete catalyst. |
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