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A global tech stock sale and an anticipated call for renewed masks in the United States pulled stocks back from record highs on Tuesday as investors awaited more positive news from a string of earnings reports from American tech giants after the close. trade.
The S&P 500 fell 1 percent in midday trading.
Centers for Disease Control and Prevention, Expected to recommend on Tuesday People vaccinated for coronavirus continue to wear masks indoors in certain parts of the country, a decision being reversed just made two months ago.
Alphabet, Apple and Microsoft will also provide an update on their financial performance later in the day. Reports coming in a while Big Tech’s growing scrutiny With President Biden signing an executive order earlier this month aimed at increasing competition in the country’s economy and limiting corporate sovereignty. The tech-heavy Nasdaq composite index fell roughly 2 percent, its worst drop since mid-May.
Tensions between governments and technology are increasingly global. Chinese stocks fell again on Tuesday as the authoritarian state’s crackdown on self-made tech giants continues.
Chinese technology conglomerate Tencent It dropped nearly 9 percent after shutting down the WeChat app to new users “to comply with all relevant laws and regulations.” Delivery service Meituan fell 18 percent after the government issued new regulations requiring such services to pay at least the minimum wage. Alibaba fell more than 6 percent in Hong Kong.
Hang Seng in Hong Kong fell more than 4 percent. And the CSI 300 index of stocks listed on mainland indices fell more than 3.5 percent. Hang Seng lost more than 14 percent last month.
The Federal Reserve will also hold a two-day meeting starting Tuesday, during which policymakers are expected to begin discussing when and how the central bank will begin to relax emergency bond-buying measures.
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