The Dow Jones and S&P500 indexes rose earlier in the trading session on news of Russia’s potential coronavirus vaccine. US President Trump’s announcement on Monday that he’s considering a capital gains tax cut had also boosted sentiment.
But shares lost momentum in afternoon trade after US Senator Mitch McConnell said virus stimulus talks had hit a stalemate. And profit-taking continued in mega tech names with Apple (-3%) and Netflix (-3.4%) shares both down. The Dow Jones index fell by 104 points or 0.4% and the S&P500 index lost 0.8% -the first declines in 8 trading sessions. And the Nasdaq index fell by 185 points or 1.7%.
