Benchmark US indices closed lower on Tuesday, August 31, after blue-chip technology stocks retreated amid coronavirus fears and new economic data showed declining consumer confidence.
The S&P 500 fell 0.13% to 4,522.68. The Dow Jones shed 0.11% to 35,360.73. The NASDAQ Composite Index fell 0.04% to 15,259.24, and the small-cap Russell 2000 gained 0.34% to 2,273.77.
Delta virus fears weighed on traders' sentiments Tuesday. In addition, investors took cues from the latest consumer confidence data released by the Conference Board, a non-profit market research organization. According to its data, consumer confidence dropped to 113.8 points in August from 125.1 in July, the steepest fall since February, indicating a sharp drop in consumer spending.
Also, the housing price index of the Federal Housing Finance Agency (FHFA) jumped 18.8% YoY in June, it said on Tuesday. The index rose 17.4% in Q2 compared to the year-ago quarter, driven by increasing demand and limited supplies.
Real estate and consumer stocks were the biggest gainers on S&P 500. Healthcare and technology stocks were the bottom movers. The index recorded its seventh consecutive monthly gains in August, marking its longest winning streak since January 2018.
The stock of Walgreens Boots Alliance, Inc. (WBA) rallied after the pharmaceutical company announced a hike in the minimum wage of its workers. The stock gained 4.16% in intraday trading.
Shares of fuboTV Inc. (FUBO) surged 6.83% after the company received approval from Iowa Racing and Gaming Commission (IRGC) to offer online sports games at its subsidiary Fubo Gaming.
Support.com stock (SPRT) fell 12.16% in intraday trading after rising 38% on Monday. Its stocks have been rallying in recent sessions after Reddit investors turned their attention on the stock.
In the consumer sector, Altria Group, Inc. (MO) gained 1.06%, Keurig Dr Pepper Inc. (KDP) increased by 0.81%, and The Kraft Heinz Company (KHC) rose 0.83%. Sysco Corporation (SYY) and The Hershey Company (HSY) advanced 0.86% and 0.65%, respectively.
In the technology sector, NVIDIA Corporation (NVDA) declined by 0.81%, Shopify Inc. (SHOP) decreased by 1.59%, and Square, Inc. (SQ) fell by 1.26%. Zoom Video Communications, Inc. (ZM) and Autodesk, Inc. (ADSK) ticked down 16.55% and 1.10%.
In the healthcare sector, Pfizer Inc. (PFE) dropped 1.65%, Eli Lilly and Company (LLY) declined by 1.36%, and Novo Nordisk A/S (NVO) plunged 2.51%. CVS Health Corporation (CVS) and Moderna Inc. (MRNA) rose 2.00% and 1.59%, respectively.
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Top performers on S&P 500 included APA Corp (US) (4.39%), Walgreens Boots Alliance Inc (4.36%), Discovery Inc (3.55%), ViacomCBS Inc (3.03%). On NASDAQ, top performers were Unico American Corp (59.00%), Elys Game Technology Corp (42.98%), Spok Holdings Inc (26.24%), Pixelworks Inc (24.60%). On Dow Jones, Walgreens Boots Alliance Inc (4.36%), American Express Co (1.03%), International Business Machines Corp (0.99%), Mcdonald's Corp (0.92%) were the leaders.
Top laggards on S&P 500 included Wells Fargo & Co (-5.60%), NXP Semiconductors NV (-5.50%), Kansas City Southern (-4.39%), Under Armour Inc (-4.06%). On NASDAQ, Sequential Brands Group Inc (-57.57%), Ree Automotive Holding Inc (-33.70%), Tenaya Therapeutics Inc (-21.45%), Poseida Therapeutics Inc (-19.33%). On Dow Jones, Nike Inc (-1.96%), Dow Inc (-1.69%), Chevron Corp (-1.65%), Visa Inc (-0.92%) were the laggards.
Top volume movers were Apple Inc (23.77M), Bank of America Corp (16.05M), Wells Fargo & Co (13.52M), AT&T Inc (10.41M), Microsoft Corp (10.19M), Pfizer Inc (9.85M), Vinco Ventures Inc (21.87M), AC Immune SA (19.16M), Sonnet Biotherapeutics Holdings Inc (14.45M), Sundial Growers Inc (8.84M).
Futures & Commodities
Gold futures were up 0.29% to US$1,817.45 per ounce. Silver decreased by 0.22% to US$23.953 per ounce, while copper fell 0.19% to US$4.3673.
Brent oil futures decreased by 0.84% to US$71.62 per barrel and WTI crude was down 0.98% to US$68.53.
The 30-year Treasury bond yields was up 1.44% to 1.926, while the 10-year bond yields rose 1.93% to 1.309.
US Dollar Futures Index increased by 0.01% to US$92.657.