The S&P 500 and the Nasdaq declined on Tuesday as disappointing earnings from Pfizer and declines in megacap technology names added to jitters ahead of inflation data this week that could spark bets on quicker interest rate hikes.
Pfizer Inc fell 5.3% after the drugmaker’s full-year sales forecast for its COVID-19 vaccine and antiviral pills fell short of Wall Street estimates.
Facebook-owner Meta Platforms fell 1.4% after billionaire investor Peter Thiel decided to step down from the company’s board. The stock is down for a fourth session after its bleak forecast wiped out billions of dollars in market value last week.
