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U.S. stock markets closed lower on Tuesday as concerns over the rising COVID-19 cases globally led to weakness in reopening stocks with the U.S. State Department also set to issue international travel warnings. Moreover, several weaker-than-expected corporate earnings also dampened the confidence of market participants. All the three major stock indexes closed the day in red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.8%, or 256.33 points, closing at 33,821.30, continuing its second day of losses. Notably, 19 components of the 30-stock index ended in red while 10 finished the day in green and 1 remained unchanged. Moreover, the tech-heavy Nasdaq Composite closed the day at 13,786.27, down 0.9%, or 128.50 points, continuing its two-day losing streak, on the back of weak performance by large-cap technology stocks.
Meanwhile, the S&P 500 fell 0.7%, closing the day at 4,134.94 points, marking the second consecutive day of losses. The Energy Select Sector SPDR (XLE), the Financials Select Sector SPDR (XLF) and the Industrials Select Sector SPDR (XLI) dipped 2.7%, 1.9% and 1.1%, respectively. Notably, seven out of eleven sectors of the benchmark index closed in the negative zone and four in the green.
The fear-gauge CBOE Volatility Index (VIX) was up 8% to 18.68. A total of 10.21 billion shares were traded on Tuesday, lower than the last 20-session average of 10.59 billion. Decliners outnumbered advancers on the NYSE by a 2.71-to-1 ratio. On Nasdaq, a 3.18-to-1 ratio favored declining issues.
Reopening Stocks Lead Wall Street Lower
Stocks that are likely to benefit from an economic recovery and resumption of travel activities led Wall Street lower on Tuesday as concerns mounted over rising COVID-19 cases across the globe. Notably, the World Health Organization warned that global COVID-19 infections are moving toward their highest level during the pandemic.
Moreover, on Apr 19, the U.S. State Department urged Americans to reconsider any international travel that they might have planned in view of the rising global cases. The Stated Department also stated that it would start using Centers for Disease Control and Prevention standards for preparing health and safety guidelines for traveling to individual countries. In view of those standards, roughly 80% of countries around the world are stated to be classified as “Level 4” or “do not travel,” thereby urging Americans to not visit those countries.
United Airlines Holdings, Inc. (UAL - Free Report) came out with a quarterly loss of $7.50 per share wider than the Zacks Consensus Estimate of a loss of $6.97. This compares to loss of $2.57 per share a year ago. (Read More)
Abbott Laboratories (ABT - Free Report) came out with quarterly earnings of $1.32 per share, missing the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $0.65 per share a year ago. (Read More)
Consequently, shares of United Airlines and Abbott dipped 8.5% and 3.6%, respectively.
CSX Corporation's (CSX - Free Report) first-quarter 2021 earnings of 93 cents per share missed the Zacks Consensus Estimate of 95 cents. Moreover, the bottom line declined 7% year over year due to operational disruption as a result of extreme winter weather conditions and lingering effects of the coronavirus pandemic on crew availability. (Read More)
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Stock Market News for Apr 21, 2021
U.S. stock markets closed lower on Tuesday as concerns over the rising COVID-19 cases globally led to weakness in reopening stocks with the U.S. State Department also set to issue international travel warnings. Moreover, several weaker-than-expected corporate earnings also dampened the confidence of market participants. All the three major stock indexes closed the day in red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.8%, or 256.33 points, closing at 33,821.30, continuing its second day of losses. Notably, 19 components of the 30-stock index ended in red while 10 finished the day in green and 1 remained unchanged. Moreover, the tech-heavy Nasdaq Composite closed the day at 13,786.27, down 0.9%, or 128.50 points, continuing its two-day losing streak, on the back of weak performance by large-cap technology stocks.
Meanwhile, the S&P 500 fell 0.7%, closing the day at 4,134.94 points, marking the second consecutive day of losses. The Energy Select Sector SPDR (XLE), the Financials Select Sector SPDR (XLF) and the Industrials Select Sector SPDR (XLI) dipped 2.7%, 1.9% and 1.1%, respectively. Notably, seven out of eleven sectors of the benchmark index closed in the negative zone and four in the green.
The fear-gauge CBOE Volatility Index (VIX) was up 8% to 18.68. A total of 10.21 billion shares were traded on Tuesday, lower than the last 20-session average of 10.59 billion. Decliners outnumbered advancers on the NYSE by a 2.71-to-1 ratio. On Nasdaq, a 3.18-to-1 ratio favored declining issues.
Reopening Stocks Lead Wall Street Lower
Stocks that are likely to benefit from an economic recovery and resumption of travel activities led Wall Street lower on Tuesday as concerns mounted over rising COVID-19 cases across the globe. Notably, the World Health Organization warned that global COVID-19 infections are moving toward their highest level during the pandemic.
Moreover, on Apr 19, the U.S. State Department urged Americans to reconsider any international travel that they might have planned in view of the rising global cases. The Stated Department also stated that it would start using Centers for Disease Control and Prevention standards for preparing health and safety guidelines for traveling to individual countries. In view of those standards, roughly 80% of countries around the world are stated to be classified as “Level 4” or “do not travel,” thereby urging Americans to not visit those countries.
Consequently, shares of airlines and cruise line operators like American Airlines Group Inc. (AAL - Free Report) , JetBlue Airways Corporation (JBLU - Free Report) and Carnival Corporation & plc (CCL - Free Report) fell 5.5%, 4.5% and 4.4%, respectively. Notably, all three companies carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weaker-than-Expected Earnings
United Airlines Holdings, Inc. (UAL - Free Report) came out with a quarterly loss of $7.50 per share wider than the Zacks Consensus Estimate of a loss of $6.97. This compares to loss of $2.57 per share a year ago. (Read More)
Abbott Laboratories (ABT - Free Report) came out with quarterly earnings of $1.32 per share, missing the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $0.65 per share a year ago. (Read More)
Consequently, shares of United Airlines and Abbott dipped 8.5% and 3.6%, respectively.
Stocks That Have Made Headline
CSX Q1 Earnings Miss on Lower Y/Y Revenues, Stock Falls
CSX Corporation's (CSX - Free Report) first-quarter 2021 earnings of 93 cents per share missed the Zacks Consensus Estimate of 95 cents. Moreover, the bottom line declined 7% year over year due to operational disruption as a result of extreme winter weather conditions and lingering effects of the coronavirus pandemic on crew availability. (Read More)
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>