US stocks drift on slow pace of economic recovery

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US stocks drift on slow pace of economic recovery

 US stocks drift on slow pace of economic recovery
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

S&P 500 and Dow Jones slipped on Tuesday, September 7, dragged down by fears of a slowdown in economic recovery, while Nasdaq was marginally up after firms like Apple and Facebook saw gains.

The S&P 500 was down 0.34% to 4,520.03. The Dow Jones fell 0.76% to 35,100.00. The NASDAQ Composite rose 0.07% to 15,374.33, and the small-cap Russell 2000 was down 0.72% to 2,275.61.

Investors stayed away from risky bets after data from the Labor Department on Friday indicated a slowdown in US economic recovery amid rising cases of delta virus.

Many offices and businesses remained shut. The travel industry is worst affected due to the cancellation or postponement of trips.

Consumer discretionary and technology stocks were the biggest gainers on S&P 500, while real-estate and industrial stocks were laggards. Nine of the 11 index segments stayed in the red.

The Match Group, Inc. (MTCH) stock rose 7.50% in intraday trading after news that it is joining the S&P 500 index on Sep 20. Match Group is the parent company of the online dating app Tinder.

Columbia Property Trust, Inc. (CXP) stock jumped 15.48% after announcing that it agreed to be acquired by Pacific Investment Management Company for US$2.2 billion.

The shares of BioMarin Pharmaceutical Inc. (BMRN) plunged 8.40% after the US Food and Drug Administration (FDA) put a hold on its gene therapy study.

In technology stocks, Apple Inc. (AAPL) gained 1.70%, Facebook, Inc. (FB) rose 1.74%, and Snap Inc. (SNAP) advanced 1.83%. Communication companies Netflix (NFLX) rose 3.10%, and Walt Disney Company (DIS) gained 1.85%.

In real estate stocks, American Tower Corporation (AMT) dropped 1.10%, Prologis, Inc. (PLD) fell 1.08%, and Crown Castle International Corp. (CCI) decreased by 1.70%. Public Storage (PSA) and Welltower Inc. (WELL) tumbled 1.28% and 1.91%, respectively.

In the industrial sector, Honeywell International Inc. (HON) declined by 2.01%, The Boeing Company (BA) decreased by 1.73%, and Deere & Company (DE) plunged by 4.28%. General Electric Company (GE) and 3M Company (MMM) ticked down 1.23% and 4.14%.

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Top Gainers

Top performers on S&P 500 included Wynn Resorts Ltd (5.61%), Moderna Inc (4.73%), Las Vegas Sands Corp (4.17%), Penn National Gaming Inc (3.91%). On NASDAQ, top performers were eFFECTOR Therapeutics Inc (49.88%), Surrozen Inc (35.06%), ZIOPHARM Oncology Inc (33.33%), Kaival Brands Innovations Group Inc (30.65%). On Dow Jones, Walt Disney Co (1.85%), Apple Inc (1.55%), Visa Inc (0.52%), American Express Co (0.26%) were the leaders.

Top Losers

Top laggards on S&P 500 included VF Corp (-5.73%), Marketaxess Holdings Inc (-5.03%), 3M Co (-4.53%), Deere & Co (-4.52%). On NASDAQ, CorMedix Inc (-22.52%), Celularity Inc (-22.30%), Sharecare Inc (-21.75%), Forward Pharma A/S (-19.62%). On Dow Jones, 3M Co (-4.53%), Honeywell International Inc (-2.38%), Amgen Inc (-2.22%), Coca-Cola Co (-1.87%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (17.18M), Bank of America Corp (9.64M), Ford Motor Co (9.49M), Pfizer Inc (5.96M), Microsoft Corp (5.90M), Vinco Ventures Inc (17.02M), Clover Health Investments Corp (16.11M), Zynga Inc (6.74M), ZIOPHARM Oncology Inc (6.69M), Pinduoduo Inc (6.02M).

Also Read: Moderna Inc (MRNA) & Novavax Inc (NVAX): Two stocks in focus Tuesday

Futures & Commodities

Gold futures were down 2.08% to US$1,795.65 per ounce. Silver decreased by 1.75% to US$24.367 per ounce, while copper fell 1.41% to US$4.2728.

Brent oil futures decreased by 0.86% to US$71.60 per barrel and WTI crude was down 1.30% to US$68.39.

Bond Market

The 30-year Treasury bond yields was up 2.59% to 1.992, while the 10-year bond yields rose 4.00% to 1.375.

US Dollar Futures Index increased by 0.55% to US$92.543.


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