The rally in U.S. equity markets is set for a screeching halt as investors cash in on some of the highest-flying stocks from the recent rally.

The rally in U.S. equity markets was on track to come to a screeching halt on Tuesday as investors took profits in some of the high-flying companies that netted a windfall on optimism surrounding the reopening of the U.S. economy. The Dow Jones Industrial Average fell 355 points, or 1.29 percent, while the S&P 500 and the Nasdaq Composite dropped 1.05 percent and 0.56 percent, respectively. The losses come after the Nasdaq finished at a record high on Monday while the S&P 500 ticked into positive territory for the year.

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