Amazon traded lower after hitting a record high earlier in the session. Netflix slid, while Alphabet and Apple both dipped.
The major averages entered Thursday’s session all up more than 3% week to date thanks in large part to state efforts to ease stay-at-home orders and begin lifting restrictions on business. Connecticut, for example, began on Wednesday to allow residents to dine in at restaurants with outdoor seating.
Sentiment has also been lifted by rising optimism around a potential coronavirus vaccine. Moderna said Monday that an early stage vaccine trial had shown positive results, with all 45 participants developing Covid-19 antibodies.
“The broad market has taken some support from positive treatment and vaccine headlines as a complement to a generally more optimistic economic reopening,” LPL Research wrote Wednesday.
LPL Market Strategist Ryan Detrick did caution, however, that such a comeback is usually accompanied by occasional pullbacks — sometimes as steep as 10% — as investors try to correct sentiment and prices to an appropriate level given bear-market headwinds.