- US stocks on Tuesday pulled back from record highs as hopes for $2,000 direct stimulus payments faded.
- Senate Majority Leader Mitch McConnell on Tuesday blocked Democrats' attempt to hold a vote on the $2,000 checks, but he said the Senate would "begin a process" of considering a proposal to send them.
- Intel soared 8% after Daniel Loeb's activist hedge fund urged the chipmaker in a letter to explore strategic alternatives, Reuters reported.
- Goldman Sachs said Snap Inc. could surge 45% as its product developments drive faster-than-expected revenue growth.
- Watch major indexes update live here.
US stocks on Tuesday pulled back from record highs as hopes for $2,000 direct stimulus payments faded.
Senate Majority Leader Mitch McConnell blocked an attempt by Democrats to hold a vote on the $2,000 checks but said the Senate would "begin a process" of considering a proposal to send them to Americans - a measure that Democrats and President Donald Trump have pushed for.
Senate Minority Leader Chuck Schumer had called for a vote in the Senate on Tuesday after the House passed supplemental legislation known as the CASH Act on Monday night.
Here's where US indexes stood after the 4 p.m. ET close on Tuesday:
- S&P 500: 3,727.04, down 0.22%
- Dow Jones industrial average: 30,335.67, down 0.22% (68.30 points)
- Nasdaq composite: 12,850.22, down 0.38%
"Without immediate change at Intel, we fear that America's access to leading-edge semiconductor supply will erode, forcing the US to rely more heavily on a geopolitically unstable East Asia to power everything from PCs to data centers to critical infrastructure," the letter said.
Goldman Sachs said Snap Inc., Snapchat's parent company, could surge 45% as its product developments drive faster-than-expected revenue growth. The firm reiterated its "buy" rating on the stock and set a $70 price target for the company, which helped to propel an 11% jump for Snap on Tuesday.
Arcturus Therapeutics fell as much as 53%, to $40, extending its losses for the second straight day after Wall Street was disappointed with the medical company's COVID-19 vaccine updates. Analysts from Barclays, Raymond James, and Baird all downgraded their ratings for Arcturus on Tuesday.
Gold increased 0.65%, to $1,883.50 per ounce.
Read more: Jason Teed has beaten 99% of his investor peers this year. He breaks down how his Morningstar gold-rated fund did it with a trend-following strategy, and shares his advice for navigating the stock market in 2021.