Daylong Fade Produces Modest LossesDow -26.13 at 22653.86, Nasdaq -25.98 at 7887.26, S&P -4.27 at 2659.41 [BRIEFING.COM] The major averages ended Tuesday with modest losses after surrendering their opening gains. The S&P 500 (-0.2%) slipped four points after starting the day with a 93-point gain while the Nasdaq (-0.3%) underperformed slightly. Equities jumped out of the gate after markets across Asia and Europe had another good outing overnight. The sharply higher start was attributed to optimism about a potential plateau in coronavirus cases, but the key indices hit their best levels within the first five minutes of action, followed by a daylong slide that sent the Nasdaq and S&P 500 into negative territory. Six out of eleven sectors ended the day with gains ranging from 0.1% (real estate) to 2.4% (materials) while the top-weighted technology sector (-1.1%) underperformed from the start. Apple ($AAPL 259.43, -3.04, -1.2%) and many other large tech components struggled in the afternoon. Chipmakers finished a bit ahead of the sector, with the PHLX Semiconductor Index surrendering 0.5%. On the flip side, materials (+2.4%) and energy (+2.0%) outperformed throughout the day. The energy sector was able to remain in the green, even though crude oil slumped into the pit close, ending lower by 9.3% at $23.78/BBL. Exxon Mobil ($XOM 41.24, +0.77, +1.9%) announced a 30% reduction to its capital spending plans for FY20. As for materials, the group's advance was paced by gains in names like Dow ($DOW 32.33, +1.79, +5.9%), Freeport-McMoRan ($FCX 7.59, +0.40, +5.6%), and Eastman Chemical ($EMN 52.87, +2.69, +5.4%). Martin Marietta Materials ($MLM 185.42, +8.46, +4.8%) and Vulcan Materials ($VMC 107.92, +4.75, +4.6%) also had a good showing, likely due to expectations that the next fiscal stimulus will include an infrastructure component. Regarding additional stimulus, House Speaker Nancy Pelosi told Democratic lawmakers that she wants the next spending package to be at least $1 trillion. Meanwhile, Senate Majority Leader, Mitch McConnell, said that he expects the increase to the small business loan program to be approved on Thursday. Treasuries retreated during the first half of the session but narrowed their losses as the day went on. The 10-yr yield ended higher by six basis points at 0.74%. The U.S. Dollar Index fell 0.8% to 99.88, returning to levels from Thursday. Reviewing today's economic data: The NFIB Small Business Optimism Index fell to 96.4 in March from 104.5 in FebruaryJob openings decreased to 6.882 mln in February from a revised 7.012 mln (from 6.963 mln) in JanuaryConsumer credit expanded by $22.30 bln in February (Briefing.com consensus $14.00 bln) after increasing by a revised $12.10 bln (from $12.00 bln) in January. Tomorrow's data will be limited to the 7:00 ET release of the weekly MBA Mortgage Index (prior 15.3%). Nasdaq Composite -12.1% YTDS&P 500 -17.7% YTDDow Jones Industrial Average -20.6% YTDRussell 2000 -31.7% YTD Market Snapshot Dow22653.86-26.13(-0.12%)Nasdaq7887.26-25.98(-0.33%)SP 5002659.41-4.27(-0.16%)10-yr Note -15/320.736NYSEAdv 2090 Dec 813 Vol 1.47 blnNasdaqAdv 1815 Dec 1410 Vol 4.03 bln Industry Watch Strong: Energy, Financials, Real Estate, Materials, IndustrialsWeak: Consumer Staples, Health Care Moving the Market Stocks fade from opening highs throughout the dayHouse Speaker Pelosi wants at least $1 trln in additional fiscal stimulusECONOMIC EVENTS: In U.S. data, the NFIB small business index plunged a record 8.1 points in March to 96.4. The JOLTS report showed job openings fell 130,000 to 6.88M in February. In New York, which has become the "epicenter" of the outbreak in the U.S., Governor Andrew Cuomo announced 138,836 total cases of COVID-19 in the state, up from 130,689 total cases yesterday. Governor Cuomo reported 5,489 total virus deaths in NY, up from yesterday's total of 4,758. While Cuomo said this was "the largest single day increase since this started" he also said during his daily COVID-19 briefing that "we are projecting that we are reaching a plateau." TOP NEWS: Shares of Exxon Mobil ($XOM) are up 6% near noon after the company said it is reducing its 2020 capital spending by 30%, with capital investments for 2020 now expected to be about $23B, down from the previously announced $33B. In response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic, Exxon is also lowering cash operating expenses by 15%, "driven by deliberate actions to increase efficiencies and reduce costs," the company announced. Meanwhile, AT&T ($T) provided a financial update to investors, stating that it "has a strong cash position" and "attractive liquidity," but has taken a $5.5B term-loan agreement "at competitive rates with 12 banks to provide additional financial flexibility." AT&T added that it expects to be able to support continued network investments, dividend payments and debt retirement, as well as have "the ability to invest in business opportunities that arise as the economies recover." Kraft Heinz ($KHC) pre-announced ahead of its first quarter earnings call later this month that the company's growth has accelerated "in the wake of very strong consumer demand for its products and trusted brands, despite significant declines in Foodservice-related sales around the world." Q1 net sales are now expected to increase approximately 3% and organic net sales are expected to increase about 6%, Kraft Heinz said. 3M ($MMM) and the Trump Administration announced plans to import 166.5M respirators over the next three months, primarily from its manufacturing facility in China, to support healthcare workers in the United States. 3M added that the company and the Administration "worked together to ensure that this plan does not create further humanitarian implications for countries currently fighting the COVID-19 outbreak." MAJOR MOVERS: Among the noteworthy gainers was Two Harbors ($TWO), which rose 42% after it lowered its quarterly dividend to 5c per share from 40c per share. Also lower was NGM Biopharmaceuticals ($NGM), which gained 8% after Raymond James initiated coverage of the stock with a Strong Buy rating. Among the notable losers was Chimera ($CIM), which slid 19% after it offered $250M in convertible senior notes. Also lower was SeaChange ($SEAC), which fell 24% after reporting quarterly results. INDEXES: Near midday, the Dow was up 675.31, or 2.98%, to 23,355.30, the Nasdaq was up 155.90, or 1.97%, to 8,069.14, and the S&P 500 was up 68.23, or 2.56%, to 2,731.91.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.