Mobile App
iBexGo AppiBex RatingDownload our app now! Available for iOS and Android

Start An Investment With Forex

Get Live Account
Phone
London: +442038076439
Sydney: +61272504904
Social Media

Wall Street ends lower; Six of the 11 S&P 500 sector Indexes Fell

Wall Street ends lower, weighed down by Big Tech


Wall Street ended lower on Wednesday, spooked by worries that the Delta coronavirus variant could blunt the economy’s recovery and on uncertainty about when the Federal Reserve may pull back its accommodative policies.

employment jobs in the US


Apple and Facebook fell about 1% after helping push the Nasdaq to record highs in the previous session. The dips in those two Silicon Valley giants contributed more than any other companies to the S&P 500’s decline for the session.


Investors have become more cautious following Friday’s weak August payrolls data, while pressures from rising costs, despite the economy slowing, have increased concerns that the Fed could move sooner than expected to scale back massive monetary measures enacted last year to shield the economy from the coronavirus pandemic.


The U.S. economy “downshifted slightly” in August as concerns grew over how the renewed surge of coronavirus cases would affect the economic recovery, the Fed said on Wednesday in its latest Beige Book compendium of anecdotal reports about the economy.

s&p500


The S&P 500 has dipped less than 1% from its record closing high last Thursday, and it remains up 20% year to date, buoyed by the Fed’s accommodative monetary policy.


“Investors are pulling petals from a daisy, saying, ‘The economy will grow, the economy won’t grow,'” said Sam Stovall, chief investment strategist at CFRA. “They can’t make up their minds, so they have not a commitment to long-term positions.”


St. Louis Federal Reserve Bank President James Bullard told the Financial Times that the Fed should move forward with a plan to trim its pandemic stimulus program despite a slowdown in job growth.


Six of the 11 S&P 500 sector indexes fell, with materials and energy the deepest decliners, down over 1% each.


The Dow Jones Industrial Average fell 0.2% to end at 35,031.07 points, while the S&P 500 lost 0.13% to 4,514.07.


The Nasdaq Composite Dropped 0.57% to 15,286.64.


Perrigo Company Plc jumped 9% after the drugmaker said it plans to buy HRA Pharma from investment firms Astorg and Goldman Sachs (NYSE:GS) Asset Management in a deal valued at 1.8 billion euros ($2.13 billion).


Volume on U.S. exchanges was 9.5 billion shares, compared with the 9.1 billion average for the full session over the last 20 trading days.


Declining issues outnumbered advancing ones on the NYSE by a 1.71-to-1 ratio; on Nasdaq, a 2.18-to-1 ratio favored decliners.


The S&P 500 posted 32 new 52-week highs and 1 new low; the Nasdaq Composite recorded 55 new highs and 41 new lows.

  • Market Week Ahead: Nasdaq 100, Fed, Tech Earnings, Volatility Returns
    Global risk appetite sharply deteriorated this past week as the Volatility Index (VIX), which is the market’s preferred ‘fear gauge, closed at its highest since early December.  The most immediate item threatening market sentiment is a hawkish Federal Reserve. A combination of quantitative tightening and rate hike bets are bringing up front-end Treasury yields, or […]
  • Markets to Watch This Week: Nasdaq 100, US Dollar,BoJ and more
    There continued to be hesitancy in global market sentiment. Wall Street started off 2022 on a sour note, though the second week was less painful. Nasdaq 100 futures were little changed. This is as Dow Jones and S&P 500 futures declined about 0.8% and 0.3% respectively. European and Asia-Pacific benchmark stock indices did not fare any better. Global monetary policy tightening […]
  • Market Week Ahead: Inflation Data, Bitcoin, Powell Testimony, and more
    Even though market sentiment started off 2022 on a sour note, there were clear winners and losers on Wall Street. Dow Jones futures declined about 0.1% this past week, while the tech-heavy Nasdaq 100 sank about 4.35% in the worst performance since February. The coming week will bring closely followed inflation figures, while Federal Reserve Chair Jerome Powell […]
  • Market Week Ahead: Monetary Policy Meeting, Retail Sales, etc.
    The broad US dollar remained under pressure on Friday and will end this week on a bearish note as investors digest the Bank of England’s (BOE) unexpected interest rate hike and the European Central Bank’s (ECB) shift to a more hawkish attitude. Looking ahead to the coming week, the series of retail sales, the minutes of the […]
  • Markets Week Ahead: Nasdaq 100, US Dollar, Gold, Euro, British Pound, Fed and more
    Market mood recovered this past week around the world. On Wall Street, the Nasdaq 100 and S&P 500 gained 3.82% and 3.65% respectively. Across the Atlantic, the Euro Stoxx 50 and FTSE 100 climbed 2.95% and 2.62% respectively. In the Asia-Pacific region, the Nikkei 225 climbed 0.89% while Australia’s ASX 200 jumped 4.05%. Volatility was crushed, with the VIX market ‘fear gauge’ sinking about 39% in the worst week […]

SHARE:

Let us know what you think!

Send any queries or feedback
You can also send us an email at
support@ibexmarkets.com

Get a call from us!

How Can We Help?

Need Assistance?

Download here

Know Your Market Holiday.

Click here for more information.