/https://specials-images.forbesimg.com/imageserve/1225668325/0x0.jpg?w=1920&resize=1920,0&ssl=1 "Stocks Open Flat After Markets Rally Over 3% On Monday")
TOPLINE
The market opened slightly lower on Tuesday following the market’s biggest rally in six weeks on Monday; Wall Street continues to assess economic reopenings across the country and prospects for a coronavirus vaccine.
The S&P 500 and Dow fell, while the Nasdaq is up slightly.
Spencer Platt/Getty Images
KEY FACTS
The Dow Jones Industrial Average fell 0.6%, over 100 points, at Tuesday’s open, while the S&P 500 was down 0.3% and the Nasdaq was up 0.2%.
Stocks pointed to a pause following Monday’s rally: The market had its best day since early April, with the Dow and S&P both rising more than 3%.
JPMorgan Chase CEO Jamie Dimon, in a letter to shareholders on Tuesday, said that the coronavirus crisis is a “wake-up call” to create a more inclusive economy, one that “creates and sustains opportunity for dramatically more people.”
Shares of Walmart jumped nearly 4% after the retailer reported a 74% increase in e-commerce sales during the first quarter, as people stocked up on groceries and other essentials during the pandemic.
Retail chain Kohl’s saw its stock bounce back, now up almost 3%, after the company reported net sales dropped by more than 40% in the first quarter.
Shares of Home Depot fell almost 2% after the home improvement retailer said its first quarter profits took a hit from higher costs related to the pandemic.
Key background
Tuesday’s mixed open comes a day after the market had its biggest rally in six weeks, with the S&P and Dow both rising by more than 3% on Monday amid rising optimism over a coronavirus vaccine. Biotech company Moderna
MRNA
reported positive data from its early-stage coronavirus vaccine trial, causing its shares to surge 20% and leading the market higher. After the gains on Monday, the S&P 500 has now rebounded 32% from its March 23 low and is only 13% away from its record high set in February.
Big number: More than 1.5 million
That’s how many confirmed cases of coronavirus have now been reported in the United States, with at least 90,000 deaths so far, according to data from Johns Hopkins University.
What to watch for
Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Committee starting at 10:00 a.m. ET.
/https://specials-images.forbesimg.com/imageserve/1225668325/0x0.jpg?w=1200&resize=1200,0&ssl=1&description=Stocks+Open+Flat+After+Markets+Rally+Over+3%25+On+Monday){kind=link}