Stocks succumb to late-day sellingDow -390.51 at 24206.86, Nasdaq -49.72 at 9185.13, S&P -30.97 at 2922.81 [BRIEFING.COM] The S&P 500 pulled back 1.1% on Tuesday, as stocks succumbed to late-day selling following a negative-sounding vaccine headline. The Dow Jones Industrial Average (-1.6%) and Russell 2000 (-2.0%) declined more than the benchmark index, while the Nasdaq Composite (-0.5%) fared slightly better. For most of the session, the S&P 500 wavered around its flat line, supported by relative strength in the technology stocks. As the S&P 500 traded at session highs (+0.4%) late in the session, Stat News published a report in which vaccine experts cautioned about Moderna's ($MRNA 71.67, -8.33, -10.4%) COVID-19 vaccine candidate due to a lack of critical data provided. Recall, stocks rallied on Monday after the company said a Phase 1 trial yielded positive results. The negative-sounding headline, then, provided a good excuse for investors to take some profits given the uncertainty that remains. All 11 S&P 500 sectors finished in negative territory, most notably the financials (-2.5%) and energy (-2.9%) sectors. The consumer discretionary (-0.1%), information technology (-0.4%), and communication services (-0.4%) sectors gave up gains as selling accelerated into the close. In Washington, Fed Chair Powell and Treasury Secretary Mnuchin testified before the Senate Banking Committee regarding the government response to COVID-19. Mr. Powell reiterated the Fed's commitment to using its full range of tools to support the economy, and Mr. Mnuchin said he's prepared to increase risk and lend more money. The testimony was not a market-moving event, while several stocks did react to specific corporate news. For example, Dow components Walmart ($WMT 124.95, -2.71, -2.1%) and Home Depot ($HD 238.10, -7.25, -3.0%) finished lower following their earnings reports. Separately, Facebook ($FB 216.88, +3.69, +1.7%) introduced "Facebook Shops" and "Instagram Shop" to help more businesses go online. Spotify ($SPOT 175.03, +13.60, +8.4%) shares climbed 8% after the company reached a deal to exclusively host the Joe Rogan Experience podcast. U.S. Treasuries ended the session with small gains. The 2-yr yield declined one basis point to 0.18%, and the 10-yr yield declined three basis points to 0.71%. The U.S. Dollar Index declined 0.1% to 99.55. WTI crude rose another 1.5%, or $0.48, to $32.30/BBL. Reviewing Tuesday's economic data: Housing starts fell 30.2% m/m in April to a seasonally adjusted annual rate of 891,000 (Briefing.com consensus 950,000). Building permits were down 20.8% m/m to a seasonally adjusted annual rate of 1.074 million (Briefing.com consensus 1.000 mln).The key takeaway from the report is that while building permits exceeded expectations, permits for single-family dwellings decreased 24.3% m/m to 669,000, which points to a slowing market. Looking ahead, investors will receive the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite +2.4% YTDS&P 500 -9.5% YTDDow Jones Industrial Average -15.2% YTDRussell 2000 -21.6% YTD Market Snapshot Dow24206.86-390.51(-1.59%)Nasdaq9185.13-49.72(-0.54%)SP 5002922.81-30.97(-1.05%)10-yr Note +4/320.692NYSEAdv 1118 Dec 1760 Vol 875.1 mlnNasdaqAdv 1193 Dec 2051 Vol 4.1 bln Industry Watch Strong: Consumer DiscretionaryWeak: Financials, Energy, Real Estate Moving the Market -- Stocks slip on cautious report from Stat News regarding Moderna's (MRNA) vaccine candidate-- Fed Chair Powell and Treasury Secretary Mnuchin testified before Senate Banking Committee: remain committed to supporting economy-- Relative strength in technology companiesECONOMIC EVENTS: In U.S. data, housing starts dropped 30.2% in April to a 891,000 rate, which was a little weaker than analysts expected. The Congressional Budget Office is now forecasting a 38% decline in GDP in Q2, with 26 million fewer people employed in the quarter than in the prior three month period. In his prepared testimony for his committee appearance today, Fed Chair Powell reiterated that the central bank is "committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response." Meanwhile, Treasury Secretary Mnuchin didn't indicate any further additions to the borrowing schedule in his testimony. He said there wasn't enough demand to support the introduction of a 50- or 100-year bond. The current plan is to fund the current massive deficit via issuing a lot of bills, and to then shift borrowing to longer dated maturities to take advantage of record-low interest rates. In COVID-19 news, New York Governor Andrew Cuomo reported 105 virus deaths in the state yesterday versus 106 the day before. TOP NEWS: Shares of Walmart ($WMT) closed 2.1% lower after the world's largest retailer beat consensus revenue and earnings expectations with its first quarter report. Despite the "unprecedented demand for products across multiple categories" that led to its strong top-line results, the company withdrew its guidance for fiscal year 2021 given the "significant uncertainty" on the duration and intensity of the COVID-19 health crisis globally, the length and impact of stay-at-home orders, the scale and duration of economic stimulus, employment trends and consumer confidence, and other factors. Fellow Dow-indexed retail giant Home Depot ($HD) also reported strong sales but missed earnings expectations. Home Depot, like Walmart, suspended its previously communicated fiscal 2020 guidance as a result of the uncertainty related to the duration of COVID-19 and its impact on the broader economy, although it noted that sales trends were strong at the end of the first quarter and into the first two weeks of the second quarter. Airline operators were in focus after two members of that group - United Airlines ($UAL) and Southwest ($LUV) - issued updates that noted a modest improvement in demand driven by improved bookings and reduced cancellation rates. Meanwhile, Delta ($DAL) CFO Paul Jacobson said while speaking at the Wolfe Transportation & Industrials Conference that his company has seen a "little bit" of bounce off the bottom and he sees reasons to be encouraged. Last night, SmileDirectClub ($SDC) confirmed that it has filed a lawsuit seeking approximately $2.8B from Comcast's ($CMCSA) NBC Universal unit and reporter Vicky Nguyen for "knowingly and intentionally making factually inaccurate, misleading and defamatory claims about the Company and its platform on an NBC Nightly News with Lester Holt report." Meanwhile, Facebook ($FB) shares rose 1.7% after the company introduced Facebook Shops, which it said will "make it easy for businesses to set up a single online store for customers to access on both Facebook and Instagram." The company noted that, as a result, it is working more closely with partners like Shopify ($SHOP) and ChannelAdvisor ($ECOM) to give small businesses "the support they need." Shares of Shopify were 2% higher after the news. MAJOR MOVERS: Among the noteworthy gainers was Spotify ($SPOT), which jumped 8.4% after the company said that The Joe Rogan Experience will be coming to the streaming platform via a multi-year exclusive licensing deal. Also higher was Advance Auto Parts ($AAP), which gained 3.5% after reporting quarterly results. Among the notable losers was T-Mobile ($TMUS), which slid 3.2% after CNBC reported that SoftBank ($SFTBY) is planning to sell part of its stake in the mobile services company through a secondary offering. Also lower was Moderna ($MRNA), which fell 10.4% following a stock offering and after STAT News reported that vaccine experts are questioning if it is too early to assess the company's COVID-19 vaccine candidate.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . 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