NEW YORK, Jan 21 — Wall Street's main indexes fell on Thursday and a rally in US stocks faded late in the session as investors debated whether equities were becoming bargains after a sell-off to start the year that has seen the Nasdaq fall into correction territory.
“There seems to be a whole lack of conviction,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab. “The dip-buyers step in, but then they run out of momentum.” Putting a damper on growth stocks, shares of Peloton Interactive tumbled after CNBC reported that the exercise bike maker is pausing production of its connected fitness products as demand wanes and the company looks to control costs. Peloton was one of the mainstays of the stay-at-home trade in 2020.
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