This archive report was first published on 7 July 2021.
On Tuesday, US stocks closed lower, following an extended weekend for America's Independence Day. The S&P 500 closed 0.20% lower, marking the end of its 7-day rally, last seen in 1997.
The Dow Jones fell by 0.60%, while the Nasdaq 100 gained 0.40%, led by Amazon's 4.69% jump to a record all-time high of $3,679 per share.
Amazon's Record-Breaking Day ¶
Amazon's shares soared after the US Defense Department canceled its $10 billion Joint Enterprise Defense Infrastructure Cloud (JEDI) cloud-computing contract with Microsoft. The Pentagon stated that the contract no longer meets its evolving requirements, citing increased cloud conversancy and industry advances.
“Due to evolving requirements, increased cloud conversancy, and industry advances, the JEDI Cloud contract no longer meets its needs,” the Pentagon's statement noted.
Didi's 19% Plunge ¶
Shares of Didi Chuxing Technology fell by over 19% on Tuesday after the Cyberspace Administration of China banned new users from using the ride-sharing application over data security concerns.
The ban and the removal of Didi from Google's Play Store and Apple's App Store come only days after the tech company announced its initial public offering at $14 per share.
At market close, its shares were down 19.58%, selling for $12.49.
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