US indices slip after last week's record closes - Kalkine Media

July 06, 2021 02:20 PM PDT | By Sanjeeb Baruah
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Benchmark US indices edged lower on Tuesday, July 6, after several record consecutive closes last week as investors looked for global cues and turned their focus on economy-linked value stocks.

The S&P 500 was down 0.20% to 4,343.54. The Dow Jones fell 0.60% to 34,577.37. The NASDAQ Composite rose 0.17% to 14,663.64, and the small-cap Russell 2000 shed 1.36% to 2,274.50.

Stocks of several Chinese companies fell sharply after regulators in Beijing launched cybersecurity probes into several prominent firms, including DiDi Global Inc. (DIDI), Boss Zhipin, and Full Truck Alliance.

DiDi stock fell more than 22%, Full Truck Alliance (YMM) dropped around 18%, while Kanzhun Ltd (BZ) plunged about 12% in intraday trade following news about DiDi's latest brush with Chinese regulators. The ride-hailing company was ordered to take down its app from the app stores.

Investors were also keenly waiting for the minutes of the Federal Reserve meeting on Wednesday. It is expected to shed some light on its "quantitative easing" policy.

Most stock segments on the S&P 500 saw subdued gains in Tuesday's session. Consumer discretionary stocks were the top movers, while energy and financial shares were the stragglers.

Energy stocks such as Exxon Mobil Corp (XOM) dropped 2.71%, Chevron Corp (CVX) fell 1.74%, PetroChina Company Limited (PTR) declined 2.20%, and Royal Dutch Shell plc (RDS-A) and TotalEnergies SE (TTE) shed 1.44% and 2.18%, respectively.

Also Read: OPEC+ crisis: Oil shoots to 6-yr high. What to expect?

Meanwhile, a federal judge has ordered some of the largest oil companies, such as Exxon Mobil, BP, and Royal Dutch Shell, to pay around US$7.2 billion towards the cleaning-up cost of their old abandoned wells in the Gulf of Mexico that may be endangering the ecosystem.

Amazon.com Inc. (AMZN) stocks were up 4.80% a day after Andy Jassy took over as the company's CEO. Jeff Bezos stepped down on July 5 after 27 years at the helm. Mr Jassy had joined Amazon in 1997.

Shares of Chinese companies, such as Baidu, Inc. (BIDU), Alibaba Group (BABA), and JD.com, Inc., declined 4.55%, 2.83%, and 5.18%, respectively.

In tech stocks, Apple Inc. (AAPL) rose 1.48%, NVIDIA Corp (NVDA) gained 1.04%, and Adobe Inc. (ADBE) and Salesforce.com, inc. (CRM) rose 0.65% and 0.85% respectively. Shopify Inc. (SHOP) advanced 5.12%, while ASML Holdings (ASML) declined 0.24% and Inter Corp (INTC) fell 1.18%.

In the financial sector, Berkshire Hathaway Inc. (BRK) decreased by 0.67%, JPMorgan Chase & Co. (JPM) fell 1.63%, and Bank of America Corp dropped 2.65%. On the other hand, PayPal Holdings, Inc. (PYPL) increased by 0.83%, while Wells Fargo & Company (WFC) shed 3.53%.

Soft-drink maker Coca-Cola Company (KO) ticked down 0.57%. Drink and brewing company Anheuser-Busch InBev (BUD) shed 1.58%, and British American Tobacco plc (BTI) fell 1.21%.

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Top Gainers


Top performers on S&P 500 included Amazon.com Inc (4.69%), Generac Holdings Inc (3.41%), ABIOMED Inc (3.06%), Arista Networks Inc (2.55%). On NASDAQ, top performers were Bsquare Corp (77.14%), Powerbridge Technologies Co Ltd (69.44%), Orbsat Corp (54.41%), PFSweb Inc (42.67%). On Dow Jones, Apple Inc (1.47%), Salesforce.Com Inc (0.83%), American Express Co (0.63%), Visa Inc (0.41%) were the leaders.

Top Losers


Top laggards on S&P 500 included Diamondback Energy Inc (-7.03%), Halliburton Co (-6.52%), Occidental Petroleum Corp (-6.35%), Nov Inc (-6.31%). On NASDAQ, Pop Culture Group Co Ltd (-40.94%), Provention Bio Inc (-26.39%), Wheeler Real Estate Investment Trust Inc (-19.61%), Astra Space Inc (-19.39%). On Dow Jones, Dow Inc (-2.49%), Amgen Inc (-2.03%), Chevron Corp (-1.96%), Caterpillar Inc (-1.95%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (20.85M), General Electric Co (15.22M), Ford Motor Co (14.46M), Bank of America Corp (10.83M), AT&T Inc (10.12M), Microsoft Corp (8.81M), Advanced Micro Devices Inc (8.76M), Bsquare Corp (21.88M), Advaxis Inc (16.74M), Exela Technologies Inc (15.71M), Bridgeline Digital Inc (15.40M), Clover Health Investments Corp (13.39M), ContextLogic Inc (10.88M), Orbsat Corp (10.82M), Intel Corp (6.41M).

Also Read: Top oil and gas stocks to watch out as crude prices soar

Futures & Commodities

Gold futures were up 0.77% to US$1,797.10 per ounce. Silver decreased 0.97% to US$26.245 per ounce, while copper fell 0.61% to US$4.2500.

Brent oil decreased 0.04% to US$74.91 per barrel and WTI crude decreased 1.81% to US$73.80.

Bond Market

The 30-year Treasury bond yields was down 3.62% to 1.976, while the 10-year bond yields decreased 5.74% to 1.350.

US Dollar Futures Index increased 0.13% to US$92.537.


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