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Tech rout leads Wall Street decline

05/10/2021 | 05:45pm EDT

Stocks slid into the close on Monday as investors shunned high-flying tech stocks.

The Dow finished lower after touching a fresh record high during the session. The S&P 500 fell 44 points. The Nasdaq got walloped, tumbling 350 points.

Stock losses outside of the tech sector were limited by strength in economically-sensitive names. That portfolio adjustment towards sectors that should do well in an economic upswing isn't done, says Julia Carlson, CEO, Financial Freedom Wealth Management Group.

"I think we're going to still see strength in value based companies, in real estate investment trust, the equity real estate. I also think financials will do well and, you know, more of those consumer staple investments."

But in a reminder that the rebound is still in its early phase - look at travel and tourism stocks. Profits and sales at hotel chain Marriott came in weaker than expected. Marriott, which gets about three-quarters of its revenues from North America said bookings in the U.S. were still down sharply.

Tyson Foods topped earnings and revenue forecasts for the quarter and guided full-year sales estimates higher. But it had a warning. The largest U.S. meat processor said it is "seeing substantial inflation across our supply chain," which it says will put a squeeze on profits in the second-half of the year.

Colonial Pipeline, the largest fuel pipeline in the United States and the victim of a cyber attack that shut down its entire network, expects to "substantially" restore operational service by the end of the week. Energy watchers fear the disruption, which comes as more Americans hit the road, could push gasoline prices to their highest level since 2014.

In cryptocurrency news: ethereum hit a record high above 4,000 dollars amid rising demand for the bitcoin alternative.


© Reuters 2021
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