Stocks on Wall Street closed lower on Tuesday following an extended weekend for America’s Independence Day.
The S&P 500 closed 0.20% lower after last week’s breaking 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 jumping 4.69%.
Amazon & Microsoft
Shares of tech giant Amazon hit a record all-time high of $3,679 per share after news that the United States Defense Department had canceled its $10 billion Joint Enterprise Defense Infrastructure Cloud (JEDI) cloud-computing contract with Microsoft.
The United States Defense Department said on Tuesday it has canceled the $10 billion cloud contract with Microsoft following a lawsuit filed by Amazon and that it is looking to make the two tech giants work together on the job.
“Due to evolving requirements, increased cloud conversancy, and industry advances, the JEDI Cloud contract no longer meets its needs,” the Pentagon’s statement noted.
Shares of Microsoft were largely unchanged at market close and sold for $277.66.
Didi tumbles 19% after China ban
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 comes 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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