Stocks lost momentum and finished lower Tuesday as the tech sector pulled the markets into the red.
The move snapped a seven-session winning streak for the Dow and S&P 500.
Democratic presidential candidate Joe Biden said Tuesday afternoon that he had selected Sen. Kamala Harris as his vice-presidential running mate.
"I have the great honor to announce that I’ve picked@KamalaHarris — a fearless fighter for the little guy, and one of the country’s finest public servants - as my running mate," Biden said via Twitter.
The Dow Jones Industrial Average, which had climbed more than 360 points, ended down 104 points, or 0.38%, to 27,686, the S&P 500 slipped 0.8% to 3,333 and the Nasdaq fell 1.69% to 10,782.
Stocks had been rising earlier in the day after President Donald Trump suggested he was considering a capital gains tax cut to help create more U.S. jobs and Russia said it registered the world’s first Covid-19 vaccine.
Trump told reporters Monday at a briefing that he was "looking very seriously at a capital gains tax cut and also at an income tax cut for middle-income families."
The statement from the president came after he issued executive orders over the weekend that would include continued payments of up to $400 a week of supplemental federal unemployment benefits and a payroll tax deferral.
Meanwhile, Russia said it has formally approved a vaccine against the coronavirus, marking a new chapter in the global race toward finding a viable antidote to fight the deadly pathogen.
Russian President Vladimir Putin said Tuesday that Russia's health care regulator approved a Covid-19 vaccine, though the vaccine has yet to complete clinical trials and no information about any late-phase testing has been published.
Investors also embraced news that hospitalizations from the coronavirus declined in the most populous U.S. states, that new cases have fallen 18% over the past 14 days and new deaths have dropped 6%, according to The New York Times.
“Markets are looking forward to better days ahead,” said Jeff Buchbinder, an equity strategist with LPL Financial. “Although the timing is uncertain, the stock market is expressing confidence that the pandemic will end eventually with a vaccine - or multiple vaccines - and with help from better treatments in the interim.”
The number of confirmed global cases of the coronavirus has risen to 20,166,415, according to Johns Hopkins University, and deaths increased to 738,266.
According to Bloomberg, it took just six weeks for coronavirus infections globally to double to more than 20 million. It took six months to reach 10 million.
The U.S. has 5,116,791 cases of the coronavirus, the most in the world, according to Johns Hopkins. Deaths in the U.S. have risen to 164,329, also the most in the world.