Shares in the US collapsed at the beginning of trading as investors absorbed a fresh batch of corporate profits.
The Nasdaq Composite accelerated the decline by more than 1%, led by Tesla and AMD.
|I: COMP||NASDAQ COMPOSITE INDEX||1
|AMD||ADVANCED MICRO APPLIANCES, INCL.||77.82||-0.73||-0.92%|
While the Dow Jones Industrial Average and S&P 500 also fell by 0.25% and 0.53%, respectively.
|I: DJI||DOW JONES AVERAGE||33912||-201.23||-0.59%|
In revenue news, both Pfizer and CVS boosted their financial outlook as demand for COVID-19-related items boosted results and stocks rose.
“We achieved strong results for the first quarter and improved our outlook for the year,” said Karen C. Lynch, health and CEO of CVS. “We continue to implement our strategy while managing through a pandemic, helping the country on the road to recovery.
OFFICIAL TALKS TAXES OF AMERICANS EARNING LESS THAN 400,000 TO
Moderna is also in focus after announcing plans to expand its production facility in Massachusetts. “Our manufacturing facility is at the heart of our long-term strategy and has enabled us to provide the scale and flexibility to support the development of our mRNA drugs and vaccines, including our COVID-19 vaccine,” CEO Stefan Bansel said in a statement.
|CVS||CVS HEALTH CORP.||79.61||+1.96||+ 2.52%|
Shares of Marathon Oil were also lower after the company announced it had reduced $ 500 million in debt.
After the bell closes, investors will receive results from Lyft, Xilinx and Zillow, to name a few.
|I PICK UP||LYFT INC.||54.68||-2.40||-4.20%|
|C||ZILLOW GROUP INC||119.18||-6.52||-5.19%|
Crude oil continued to rise, reaching $ 65 a barrel, while gold was trading moderately below $ 1782 an ounce.