Benchmark US indices retreated on Wednesday, September 8, as the delta variant stalked the country prompting investors to withdraw from growth stocks.
The S&P 500 was down 0.13% to 4,514.07. The Dow Jones fell 0.20% to 35,031.07. The NASDAQ Composite shed 0.57% to 15,286.64, and the small-cap Russell 2000 was down 1.14% to 2,249.73.
Investors also took cues from St. Louis Fed President James Bullard’s comments that the central bank would consider removing stimulus support despite a slowdown in labor market recovery.
However, job openings were at an all-time high in July, rising by 749,000 to 10.9 million, according to the Labor Department.
Real estate and consumer discretionary stocks were the top movers on the S&P 500. Technology and materials stocks trailed. Eight of the 11 segments of the index stayed in the negative territory.
In corporate news, Paypal Holdings, Inc. (PYPL) announced that it will acquire Japanese fintech company Paidy Inc to ramp up its payment services. The deal is expected to be completed by the year-end. However, the PYPL stock dropped 2.56% in intraday trading following the news.
Shares of biotechnology firm Kadmon Holdings, Inc. (KDMN) surged 72.36% after the Paris-based Sanofi SA (SNY) agreed to acquire the company for US$1.9 billion. The SNY stock plunged 2.89%.
Perrigo Company plc (PRGO) stock soared 9.94% after announcing to buy Paris-based healthcare company HRA Pharma for 1.8 billion euros or about US$2.13 billion.
In the real estate sector, American Tower Corporation (AMT) rose 1.08%, Public Storage (PSA) gained 0.87%, and CoStar Group Inc. (CSGP) increased by 0.95%. Sun Communities Inc. (SUI) and Mid-America Apartment Communities, Inc. (MAA) advanced 0.92% and 1.22%, respectively.
In technology stocks, Apple Inc. (AAPL) fell 1.15%, Taiwan Semiconductor Manufacturing Company Ltd. (TSM) declined by 2.05%, and NVIDIA Corporation (NVDA) declined 1.38%. Shopify Inc. (SHOP) and Advanced Micro Devices, Inc. (AMD) fell 3.24% and 2.56%.
In the material sector, Linde plc (LIN) declined 1.21%, BHP Group (BHP) fell 1.57%, and Rio Tinto Group (RIO) dropped 1.11%. Vale S.A (VALE) and Freeport-McMoRan Inc. (FCX) tumbled 3.93% and 5.05%, respectively.
Coinbase Global, Inc. (COIN) fell 2.48% after the cryptocurrency exchange said the Securities and Exchange Commission (SEC) has threatened to sue the company over its crypto lending program.
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Top performers on S&P 500 included Perrigo Company PLC (8.99%), Global Payments Inc (7.19%), General Mills Inc (4.56%), Everest Re Group Ltd (4.46%). On NASDAQ, top performers were eFFECTOR Therapeutics Inc (111.77%), Helbiz Inc (84.02%), Kadmon Holdings Inc (71.13%), Aterian Inc (29.35%). On Dow Jones, Coca-Cola Co (1.35%), Visa Inc (1.25%), 3M Co (1.24%), Mcdonald's Corp (1.03%) were the leaders.
Top laggards on S&P 500 included Pultegroup Inc (-6.05%), Freeport-McMoRan Inc (-5.47%), Universal Health Services Inc (-4.28%), Seagate Technology Holdings PLC (-4.24%). On NASDAQ, INmune Bio Inc (-22.55%), Alector Inc (-18.97%), Rallybio Corp (-18.83%), Eliem Therapeutics Inc (-17.76%). On Dow Jones, Dow Inc (-1.91%), UnitedHealth Group Inc (-1.39%), Boeing Co (-1.34%), Goldman Sachs Group Inc (-1.30%) were the laggards.
Top volume movers were Apple Inc (15.53M), Bank of America Corp (10.24M), Ford Motor Co (8.08M), Advanced Micro Devices Inc (7.44M), NVIDIA Corp (5.98M), Vinco Ventures Inc (38.58M), Kadmon Holdings Inc (13.03M), Clover Health Investments Corp (9.39M), Sphere 3D Corp (9.19M), Aterian Inc (8.61M).
Futures & Commodities
Gold futures were down 0.40% to US$1,791.30 per ounce. Silver decreased by 1.54% to US$23.997 per ounce, while copper fell 1.13% to US$4.2332.
Brent oil futures increased by 1.39% to US$72.69 per barrel and WTI crude was up 1.51% to US$69.38.
The 30-year Treasury bond yields was down 1.58% to 1.954, while the 10-year bond yields fell 2.56% to 1.336.
US Dollar Futures Index increased by 0.21% to US$92.707.