S&P 500 Turns Negative As Tech Shares Slide

The Dow Jones Industrial Average was up 0.6%, over 150 points, by late Wednesday morning. The S&P 500 turned negative, down by 0.2%, and the Nasdaq slid 1.3%.

Tech stocks, like Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all fell by over 0.5%, dragging the market lower.

The European Commission announced plans on Wednesday for a $826.5 billion recovery fund to help deal with the economic fallout from the coronavirus pandemic.

Stocks have been moving higher thanks to increasing optimism on Wall Street, with states beginning to reopen businesses and several companies working on potential coronavirus vaccines.

Earlier this week, biotech company Novavax said that it had started the first clinical trial for its experimental coronavirus vaccine, while pharmaceutical giant Merck announced that it is working with scientific research organization IAVI to develop a vaccine.

Stocks that would benefit from a reopening jumped again at the open on Wednesday, including cruise operators such as Carnival and Norwegian Cruise Line, airlines like United and American, and retailers Gap and Kohl’s.