Dow Jones down by 300 points as Amazon consolidates into renewable energy

Key stock market indexes headed for the second day of losses on Tuesday, as the Dow Jones Industrial Average fell 300 points despite gains from IBM and Johnson & Johnson.

The Nasdaq tumbled 1.2%, the Dow Jones industrials lost 0.9% and the S&P 500 dropped more than 0.8% in the stock market today. Small caps tracked by the Russell 2000 dived 2.7%. Volume was higher on both major exchanges vs. the same time Monday.

Among the major movers, Boeing (BA) and Nike (NKE), were down by more than 3% apiece, weighed on the Dow. Other blue-chip losers included Disney (DIS), Dow Inc. (DOW), and Goldman Sachs (GS), down about 3% each. Shares of the streaming giant Netflix tanked by 10.4% after the company reported weak subscriber-growth numbers.

Apple (AAPL) reversed lower to fall 1.8% ahead of the iPhone maker’s “Spring Loaded” product event, which kicks off at 1 p.m. ET. The company is widely expected to unveil new iPads, including a new iPad Pro with a mini-LED display.

Johnson & Johnson (JNJ) rose 2.5% as on early Tuesday, the health care giant beat Q 1 news with adjusted earnings of $2.59 per share on $22.3 billion in sales. The Centres for Disease Control and Prevention’s independent vaccine advisory panel will meet again this Friday to discuss J&J’s Covid-19 vaccine. The single-shot vaccine was suspended after the FDA and CDC called or a “pause” due to a small number of blood clot issues

Meanwhile, Amazon has announced its further consolidation into the renewable energy sector globally with nine new utility-scale wind and solar energy projects within the United States, Canada, Sweden, Spain, and the United Kingdom.

Amazon has 206 renewable energy projects on a global scale, including 71 utility-scale wind and solar projects and 135 solar rooftops on facilities and stores worldwide.  This will generate 8.5 GW of electricity production globally.  These energy projects supply renewable energy to Amazon’s corporate offices, fulfillment centers, Whole Foods Market stores, AWS data centers, and millions of AWS customers globally.

These projects allow Amazon to meet its commitment to produce clean energy equivalent to the electricity used by all consumer Echo devices as this paves the way for 100% power to be fueled by renewable energy by 2025.

On the political front, news has come in that former Minneapolis police officer Derek Chauvin was found guilty on all three counts in the death of George Floyd. Chauvin was found guilty after the jury deliberated for more than 10 hours and faces up to 40 years in jail.

His bail was revoked and he was taken into custody as the jury reached the verdict