(CNBC) — Stocks stumbled on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.
The Dow Jones Industrial Average fell 208.98 points to 34,577.37, dragged down by losses in Dow Inc., Caterpillar, JPMorgan and Chevron. The S&P 500 dipped 0.2% to 4,343.54 after hitting a record at the open. The 500-stock index snapped a seven-day winning streak, its longest since August. The Nasdaq Composite rose 0.17% to 14,663.64, closing at a new record. U.S. markets were closed for the July 4 Independence Day holiday on Monday.
Amazon rose 4.7% after the Department of Defense cancelled its $10 billion JEDI cloud contract with Microsoft. Instead, the department is launching a new contract and soliciting proposals from both Amazon and Microsoft. Plus, Andy Jassy officially took over as CEO of Amazon on Monday. Jeff Bezos is now the executive chairman of the board.
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