Markets were mixed on Tuesday.
The S&P 500 fell 1.1 percent and the STOXX Europe 600 fell 0.6 percent but the Nikkei 225 rose 1.5 percent.
Stocks were weighed down late in the day by doubts over Moderna's COVID-19 vaccine candidate, hopes for which had driven Monday's gains.
But many fund managers have had doubts about the stock market rally anyway.
A global fund manager survey by Bank of America found that two-thirds called the rally from the March low a “bear-market rally” rather than a new bull market.
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