Name: Wall Street ends lower, tech stocks retreat
Uploaded: 2021-03-05T18:45:09.000Z
Duration: 2 min 3 s
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stocks on Wall Street ended Tuesday lower, a day after a blockbuster rally that saw the S and P 500 have its best day since June.

The Dow dropped nearly 150 points, while the S and P also fell and the NASDAQ lost 1.7% as Apple, Facebook, Tesla and other big technology names tumbled.

The tech heavy index is fall came as investors continue to rotate out of stocks that outperformed due to the health crisis and into others viewed as likely to do well as the economy recovers, such as energy and travel stocks.

Nicholas Colas of Data Track Research says.

Given history, the recent volatility in markets is par for the course.

This one is playing very much true to form with past cycles.

We tend to get initially a big surge off the bottom.

It was a little bit heavily skewed towards technology because of the unique nature of what happened with the pandemic.

But it is the kind of classic lift off the bottom that we always get at this point in the cycle.

Call it 6 to 12 to 10, even a year on from the bottom, we do get these first rumblings of inflation that begins to lift interest rates, and the market begins to go a little bit wobbly.

The same exact thing happened virtually to the day during the 2010 recovery after the 09 crisis.

Stocks on the move included Target, which said it will invest $4 billion annually over the next several years as the big box retailer upgrades stores and strengthens its online business.

Shares have risen sharply over the past year but fell nearly 7% on Tuesday on the expected hit to margins.

 Meanwhile, mortgage provider rocket companies but the trend skyrocketing as much as 70% as the heavily shorted stock drew interest on Twitter and read its popular discussion board, Wall Street bets. 