US Stocks Retreat, Weighed Down By Bluechip Stocks 

Be the First to Comment Read

US Stocks Retreat, Weighed Down By Bluechip Stocks 

 US Stocks Retreat, Weighed Down By Bluechip Stocks 
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

US stock markets closed lower on Thursday, June 3, dragged down by bluechip stocks as investors waited for the latest economic data from the Labor Department in a lacklustre session.

The S&P 500 shed 0.36% to 4,192.85. The Dow Jones dropped 0.07% to 34,577.04. The NASDAQ Composite Index was down 1.03% to 13,614.51. The small-cap Russell 2000 shed 0.81% to 2,279.25.

Investors were waiting for new labor data slated on Friday after the government announced several tax measures over the week. The White House has been trying to build a consensus on a minimum 15% corporate gains tax on earnings of the US companies overseas.


Global Market Round Up || US Stocks Retreat But FTSE 100 Ends In Red


President Biden also has indicated that he may be willing to accept a US$1 trillion infrastructure bill during a meeting with Republican Senator Shelley Moore on Wednesday. Talks over the bill had gone into limbo after the GOP proposed US$928 billion in response to Biden's US$1.7 trillion.

Markets appeared to adopt a wait and watch approach amid mixed cues from the economy. While the pandemic situation has improved, consumer demand has returned, and production picked up, concerns over inflation, which can eat into investors' profits, dashed the enthusiasm.

Of the 11 major segments on the S&P 500, six stayed in the red zone. Basic materials and technology stocks dropped the most. Apple Inc. (APPL) declined 1.22%, Inc. (AMZN) shed 1.25%, Microsoft Corp. (MSFT) dropped 0.64%, and Alphabet Inc. (GOOGL) ticked down 0.97%.

Shares of investment bank Goldman Sachs Group Inc. (GS) jumped 1.38% after its president John Waldron forecast a better performance of the company from the SPAC deals this year. Goldman Sachs logged revenue of US$3.8 billion in Q1, an increase of 73% YoY.

Meme stock AMC Entertainment Holdings Inc. (AMC) plunged more than 17% after seeing three consecutive days of rallies. The stock has been witnessing ups and downs over the past few weeks. The shares of Cyber-security firm FireEye Inc. fell over 17% after it announced to sell its product business, including the brand name, to private equity firm Symphony Group for US$1.2 billion.

Stocks of Ford Motor Co. (F) and General Motors Co (GM) rose more than 7% and 6%, respectively. Technology stock Nvidia Corp. gained 2.29%, while Splunk Inc. (SPLK) shed over 9%. Shares of pharma major Merck & Co Inc. rose around 2%.

Also Read: Trending Cannabis Stocks: Tilray (TLRY), Sundial (SNDL)


Copyright ©Kalkine Media 2021

Also Read: How crude oil dynamics influence the upstream and downstream sectors

Top Gainers

Top performers on S&P 500 included Ford Motor Co (7.24%), General Motors Co (6.39%), NRG Energy Inc (3.85%), Henry Schein Inc (3.37%). On NASDAQ, top performers were Adamis Pharmaceuticals Corp (61.43%), Energy Focus Inc (35.43%), Community Bankers Trust Corp (29.35%), Workhorse Group Inc (28.21%). On Dow Jones, Dow Inc (2.41%), Merck & Co Inc (2.16%), Procter & Gamble Co (1.79%), Walgreens Boots Alliance Inc (1.75%) were the leaders.

Top Losers

Top laggards on S&P 500 included ETSY Inc (-5.37%), Tesla Inc (-5.33%), Southwest Airlines Co (-4.29%), United Airlines Holdings Inc (-4.25%). On NASDAQ, Petmed Express Inc (-28.33%), Bed Bath & Beyond Inc (-27.81%), Tian Ruixiang Holdings Ltd (-24.45%), Koss Corp (-24.29%). On Dow Jones, Intel Corp (-2.16%), Boeing Co (-2.07%), Salesforce.Com Inc (-1.61%), Apple Inc (-1.22%) were the laggards.


Volume Movers

Top volume movers were Sundial Growers Inc (98.85M), Naked Brand Group Ltd (55.39M), Workhorse Group Inc (25.64M), Tilray Inc (16.38M), Service Properties Trust (12.97M), Adamis Pharmaceuticals Corp (10.50M), Ford Motor Co (23.66M), Apple Inc (15.16M), HollyFrontier Corp (14.85M), General Electric Co (10.36M), AT&T Inc (9.46M), Bank of America Corp (8.79M), Microsoft Corp (7.51M), Cisco Systems Inc (6.25M), Intel Corp (6.10M).

Also Read: Why is iron ore rally hurting these two sectors?

Futures & Commodities

Gold futures were down 1.95% to US$1,872.70 per ounce. Silver decreased 2.43% to US$27.520 per ounce, while copper was down 2.68% to US$4.4683.

Brent oil futures declined 0.15% to US$71.30 per barrel and WTI crude was up 0.17% to US$68.95.

Bond Market

The 30-year Treasury bond yields were up 0.73% to 2.297, while the 10-year bond yields increased 2.14% to 1.625.

US Dollar Futures Index increased 0.66% to US$90.490.


Speak your Mind

Featured Articles