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Investor Alert

July 13, 2020, 4:14 p.m. EDT

Nasdaq tumbles 2.1% to mark biggest intraday reversal in 3 months as California orders rollback on eased coronavirus restrictions

U.S. stock indexes squandered a powerful, technology-led rally Monday, with gains collapsing as California signaled that it was re-imposing some restrictions on business reopenings as coronavirus cases rise in the Golden state. The Nasdaq Composite index (AMERICAN:COMP) 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 (NAS:TSLA) , 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 theaters and wineries. Meanwhile, the Dow Jones Industrial Average (DOW:DJIA) closed with a meager gain of 0.1% at around 26,086, but had hit a 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. (NYS:PFE) and BioNTech SE (NAS:BNTX) , on two of their COVID-19 vaccine candidates, accelerated status.

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Nasdaq, S&P 500 end lower as coronavirus cases rise and tech stock fall, erasing rally sparked by renewed vaccine hopes

Link to MarketWatch's Slice.