Nasdaq tumbles 2.1% to mark biggest intraday reversal in 3 months

U.S. stock indexes squandered a powerful; technology-led rally Monday, with gains collapsing as California signalled that it was re-imposing some restrictions on business reopenings as coronavirus cases rise in the Golden state. The Nasdaq Composite Index COMP; -2.13% swung from nearly a 2% gain early Monday to a decline of about 2.1% at about 10,390. The day's reversal represents that sharpest intraday turnaround since the Nasdaq was up 2.95% on April 7 to end down 0.3%; according to Dow Jones Market Data. Tech-related names like Tesla TSLA, -3.08%, whose shares were enjoying a 14% gain earlier in the session; closed off 3.1% on the session; after touching a record-setting market value of more than $320 billion. California also took a U-turn on Monday ; with Gov. Gavin Newsom ordering every county bar in the state to shutter; as well as restaurants offering indoor dining; movie theatres and wineries. Meanwhile; the Dow Jones Industrial Average DJIA, +0.04% closed with a meager gain of 0.1% at around 26,086 but had hit an intraday peak at 26,639, while the S&P 500 index finished down 1% after hitting an intraday peak at 3,235. Monday's opening gains had been powered by news on the health front. the Food and Drug Administration granting Pfizer Inc. PFE, +4.07% and BioNTech SE BNTX, +10.54%, on two of their COVID-19 vaccine candidates, accelerated status. You might also be in interested:

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