Markets Live Recap: Why Stocks Gave Back Nearly Half of Yesterday's Rally

Stocks failed to build off the positive momentum that fueled the rally yesterday. Yesterday, Moderna Inc. (NASDAQ: MRNA) posted positive coronavirus vaccine data and U.S. Federal Reserve Chair Jerome Powell announced the Fed would digitally add more money to the system as needed. Today, reality struck back. Morderna announced it would be raising $1 billion of new stock to take advantage of its 20% surge yesterday. The stock dropped 10.4% today. And you can add Howard Marks to the list of billionaire investors who think this market is overvalued after he said these "artificially supported" markets will fall when Fed aid slows. Consider his remarks another blow to the credibility of Jerome Powell. Overall, the Dow fell 1.6%, the S&P 500 fell 1% and the Nasdaq dropped 0.5%. Here's what our experts - Chris Johnson and Shah Gilani - saw at the open and close of today's trading session. The post Markets Live Recap: Why Stocks Gave Back Nearly Half of Yesterday's Rally appeared first on Money Morning - We Make Investing Profitable . Read more... To get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free . Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2020 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.