Wall Street stocks retreat on economic concerns - Kalkine Media

July 08, 2021 02:46 PM PDT | By Sanjeeb Baruah
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All major US stock markets closed their sessions in red on Thursday, July 8, as a continued demand and supply imbalance raised concerns about the health of the American economy, and investors pulled back from risky bets.

The S&P 500 was down 0.86% to 4,320.82. The Dow Jones fell 0.75% to 34,421.93. The NASDAQ Composite dropped 0.72% to 14,559.78, and the small-cap Russell 2000 shed 0.94% to 2,231.68.

A labor shortage continues to hurt the industries despite a record number of jobs created by employers in recent months. Also, the increasing demand for consumer goods has met with a supply crunch, leaving businesses frustrated as the prospect of losing income haunts them. The mixed signals from the economy may have left many investors baffled, evident from the muted response in the past sessions. Besides, the delta variant of covid has magnified their concerns.

                       

Global Market Roundup || Why did Wall Street stocks retreat but Asia-Pacific shares slide?

 

Meanwhile, the number of unemployment benefits claims rose by 2,000 to 373,000 in the week ended July 3, indicating the labor market recovery may be gradually losing its pace.

Treasury bond yields declined for the fourth consecutive day on Thursday. The 10-year yields dropped by 2.13% in intraday trading, the lowest since February this year.

All segments of the S&P 500 saw broad losses. Financial and basic materials were the biggest losers, while industrials traded flat. Oil and gas stocks also fell despite soaring domestic gasoline demand.

The Airbus SE (EADSF) said that it delivered 297 planes in the first half of 2021. The Boeing Co (BA) also said it received orders for 165 planes in the same period, but the number dropped to 38 after cancellations. Airbus and Boeing's stocks fell 0.22% and 0.93%, respectively.

Billionaire entrepreneur Richard Branson's Virgin Galactic Holdings Inc. (SPCE) said that it sold over 600 tickets already at US$250,000 each. The company plans to launch a full commercial space flight service by 2022. Virgin Galactic (SPCE) stock jumped 15.96% on the news Thursday.

Meanwhile, the White House said on Thursday that the Biden administration would soon order the Federal Maritime Commission and the Surface Transportation Board to probe anti-competitive practices and exorbitant fees in the shipping industry to cut the shipping costs for consumers.

Chinese stocks continued to decline after Beijing launched data security probes against several big companies listed in the US. DiDi Global Inc (DIDI) plunged 4.53%, Alibaba Group Holding Limited (BABA) declined by 3.82%, Baidu, Inc. (BIDU) fell 3.60% in intraday trading. Tech stocks Apple Inc. shed 0.97%, Microsoft Corp declined 0.86%, ASML Holdings (ASML) dropped 2.57%, NVIDIA Corp (NVDA) ticked down 2.33%. Facebook (FB) lost 1.28%, while Amazon.com Inc. (AMZN) gained 1.34%.

The financial stocks also saw significant losses. Berkshire Hathaway Inc. (BRK-A) fell 1.65%, Visa Inc (V) dropped 1.59%, and JPMorgan Chase & Co (JPM) declined 1.78%, and Bank of America Corporation declined 2.55%. On the other hand, carver Bancorp Inc. (CARV) surged 158%.

In basic materials stocks, BHP (BHP) declined 1.11%, Linde plc (LIN) fell 2.11%, and Rio Tinto (RIO) dropped 2.38%. The stock of digital cinema company Moving iMage Technologies (MITQ) jumped 465.33% after its NYSE debut today. It offered 4.2 million shares at US$3 apiece in an IPO.

Also Read: Planet Labs (PL): All you need to know about $2.8B SPAC deal

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Top Gainers

Top performers on S&P 500 included Biogen Inc (3.86%), Ball Corp (2.98%), Cabot Oil & Gas Corp (2.29%), Boeing Co (2.15%). On NASDAQ, top performers were Carver Bancorp Inc (106.90%), Nova LifeStyle Inc (71.50%), Aerpio Pharmaceuticals Inc (63.16%), Utime Ltd (43.11%). On Dow Jones, Boeing Co (2.15%), International Business Machines Corp (0.66%), Amgen Inc (0.44%), Nike Inc (0.29%) were the leaders.


Also Read: Aerpio Pharmaceuticals (ARPO): Trending healthcare penny stock

Top Losers

Top laggards on S&P 500 included Kansas City Southern (-7.87%), Norfolk Southern Corp (-7.16%), CSX Corp (-6.16%), Union Pacific Corp (-4.38%). On NASDAQ, Newegg Commerce Inc (-32.22%), Pop Culture Group Co Ltd (-25.36%), 360 DigiTech Inc (-21.48%), Mannatech Inc (-17.84%). On Dow Jones, Travelers Companies Inc (-2.41%), Goldman Sachs Group Inc (-2.37%), American Express Co (-2.04%), JPMorgan Chase & Co (-1.73%) were the laggards.


Volume Movers

Top volume movers were Apple Inc (21.95M), General Electric Co (14.36M), Bank of America Corp (12.38M), Ford Motor Co (12.17M), AT&T Inc (9.20M), Microsoft Corp (8.93M), CSX Corp (8.66M), Advanced Micro Devices Inc (8.17M), Wells Fargo & Co (7.87M), Exela Technologies Inc (35.31M), Aerpio Pharmaceuticals Inc (23.94M), Carver Bancorp Inc (16.53M), Sundial Growers Inc (9.27M), ContextLogic Inc (8.91M), LM Funding America Inc (8.33M).

Also Read: Top 7 battery stocks to explore

Futures & Commodities

Gold futures were up 0.06% to US$1,803.15 per ounce. Silver decreased 0.51% to US$25.997 per ounce, while copper fell 1.24% to US$4.2690.

Brent oil decreased 0.01% to US$74.36 per barrel and WTI crude increased 1.44% to US$73.24.


Bond Market


The 30-year Treasury bond yields was down 0.79% to 1.929, while the 10-year bond yields decreased 2.01% to 1.295.
US Dollar Futures Index decreased 0.30% to US$92.368.


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