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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.