US: Stocks pull back after Monday rally

[NEW YORK] Wall Street stocks declined early Tuesday, retreating from the surge in the prior session as markets weigh worries about inflation against expectations for speeding economic growth.

Major indices won at least two per cent on Monday in a forceful round of bargain hunting after losses the prior week after US Treasury bond yields surged.

But equities were back under pressure on Tuesday as investors awaited action on President Joe Biden's US$1.9 trillion economic aid package, which awaits action in the Senate after passing the US House of Representatives last week.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 per cent at 31,476.88.

The broad-based S&P 500 shed 0.3 per cent to 3,888.60, while the tech-rich Nasdaq Composite Index dropped 0.6 per cent to 13,501.75.

AFP