Wall Street Ends Lower as Financials, Energy Stocks Decline

3 min read | April 21, 2021 08:17 AM AEST | By Team Kalkine Media

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Wall Street Ends Lower as Financials, Energy Stocks Decline — Image source: Copyright © 2021 Kalkine Media LLC

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The major U.S. stock market benchmark indexes closed lower on April 20, 2021, for the second consecutive day after reaching record highs last week. S&P 500 lost 28 points while Dow Jones Industrial Average lost 256 points. Financials and energy stocks declined the most on Tuesday.

The S&P 500 dropped 0.68 percent to 4,134.94. The Dow Jones declined 0.75 percent to 33,821.30. The NASDAQ Composite Index fell 0.92 percent to 13,786.27 while the small-cap Russell 2000 Index was down 1.96 percent to 2,188.2.

Shares of U.S.-based railroad company Kansas City Southern rallied after Canadian National Railway proposed to acquire the company in a deal valuing it at US$33.7 billion. Canadian National Railway’s offer of US$325 per share represents a 21 percent premium to Canadian Pacific Railway’s offer for Kansas City Southern.

Consumer goods company Procter & Gamble reported a 5 percent year-over-year growth in its revenue to US$18.1 billion for the fiscal third quarter ended March 31. Diluted earnings per share came in at US$1.26, up 13 percent from the year-ago period.

Boeing said its CFO Gregory D. Smith will step down from the company on July 9. The company is searching for a successor. In addition, the airplane maker said its board has extended the retirement age of its 64-year old CEO David L. Calhoun to 70 from 65.

Meanwhile, San Francisco-based messaging platform Discord Inc. reportedly ended talks with Microsoft to sell the company. Discord reportedly intends to stay independent and might consider an initial public offering.

Top Gainers

Top performers on S&P 500 were Kansas City Southern (15.25%), Enphase Energy Inc (4.15%), International Business Machines Corp (3.79%) and Dover Corp (3.15%)

Sequential Brands Group Inc (22.04%), Summer Infant Inc 15.83%), Purple Biotech Ltd (13.84%), Sharps Compliance Corp (13.53%) were top performers on NASDAQ.

On Dow Jones, International Business Machines Corp (3.79%), Johnson & Johnson (2.33%), UnitedHealth Group Inc (1.72%), Amgen Inc (1.24%) gained the most.

Top Losers

Top laggards on S&P 500 were United Airlines Holdings Inc. (8.53%), Zions Bancorporation NA (6.52%), APA Corp (US) (5.92%) and Albemarle Corp (5.70%)

Syndax Pharmaceuticals Inc. (30.75%), Futu Holdings Ltd. (23.43%), Clean Energy Fuels Corp. (21.03%) and Baosheng Media Group Holdings Ltd. (20.82%) were among top losers on NASDAQ.

On Dow Jones, Boeing Co (4.13%), Nike Inc (4.12%), Goldman Sachs Group Inc (3.27%) and Dow Inc (3.21%) were laggards.

Image Source: EODHD/Others, S&P 500 Index on April 20

Volume Movers

Top volume movers on Tuesday were Sundial Growers Inc (41.18M), Apple Inc (17.87M), Ford Motor Co (13.68M), Nano Dimension Ltd (10.06M), United Airlines Holdings Inc (9.40M), Bank of America Corp (9.36M), American Airlines Group Inc (9.25M) and Futu Holdings Ltd (9.08M).

Futures & Commodities

Gold futures decreased marginally by 0.01 percent to US$ 1,779.15 per ounce on Tuesday. Silver was up 0.01 percent to US$ 25.875. per ounce. Copper also recorded a slight increase of 0.06 percent to US$ 4.2075.

Brent oil futures dropped slightly by 0.05 percent to US$ 66.28 per barrel and WTI crude fell 1.66 percent to US$ 62.38 per barrel.

Bond Market

The 30-year Treasury bond yield declined 1.42 percent to 2.260 while the 10-year bond yield was down 2.06 percent to 1.5660.

US Dollar Futures Index also inched up 0.13 percent on Tuesday evening to US$ 91.172.

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