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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

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By Mark DeCambre

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 /zigman2/quotes/210598365/realtime COMP -0.87% 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 /zigman2/quotes/203558040/composite TSLA -2.48% , 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 /zigman2/quotes/210598065/realtime DJIA +0.17% 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. /zigman2/quotes/202877789/composite PFE +0.47% and BioNTech SE /zigman2/quotes/214419716/composite BNTX -0.10% , on two of their COVID-19 vaccine candidates, accelerated status.

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

/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,010.98
-97.09 -0.87%
Volume: 3.85M
Aug. 7, 2020 5:16p
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/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,452.71
-36.87 -2.48%
Volume: 8.90M
Aug. 7, 2020 4:00p
P/E Ratio
756.03
Dividend Yield
N/A
Market Cap
$270.73 billion
Rev. per Employee
$439,627
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,433.48
+46.50 +0.17%
Volume: 324.93M
Aug. 7, 2020 5:10p
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 38.45
+0.18 +0.47%
Volume: 21.91M
Aug. 7, 2020 4:04p
P/E Ratio
15.29
Dividend Yield
3.95%
Market Cap
$213.58 billion
Rev. per Employee
$580,595
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/zigman2/quotes/214419716/composite
US : U.S.: Nasdaq
$ 77.00
-0.08 -0.10%
Volume: 3.04M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$17.60 billion
Rev. per Employee
N/A
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