Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street ends lower, weighed down by Big Tech

09/08/2021 | 04:21pm EDT
A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City

(Reuters) - 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.

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.

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 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 Asset Management in a deal valued at 1.8 billion euros ($2.13 billion).

Cryptocurrency exchange Coinbase Global Inc fell 3.2% after the U.S. securities regulator threatened to sue the firm if it goes ahead with plans to launch a crypto lending scheme.

U.S. payments giant PayPal Holdings Inc declined 2.7% after it said it would acquire Japanese buy now, pay later firm Paidy in a $2.7 billion largely cash deal.

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 lows; the Nasdaq Composite recorded 55 new highs and 41 new lows.

(Reporting by Noel Randewich; Additional reporting by Shashank Nayar and Medha Singh in Bengaluru; Editing by Anil D'Silva, Aurora Ellis and Arun Koyyur)

By Noel Randewich


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.53% 148.69 Delayed Quote.12.06%
FACEBOOK INC -5.05% 324.61 Delayed Quote.18.84%
PAYPAL HOLDINGS, INC. -1.16% 240.4 Delayed Quote.2.65%
Latest news "Economy & Forex"
05:57pUK says substantial differences remain with EU over Northern Ireland trade
RE
05:47pTesla increases model 3 standard range plus price by $2,000 to $43,990 – company website
RE
05:47pTesla increases model y long range by $2,000 to $56,990 – company website
RE
05:47pTesla increases model s long range price by $5000 to $94,990 – company website
RE
05:46pTesla increases model x long range price by $5000 to $104,990 – company website
RE
05:30pUk says talks with eu on northern ireland protocol have been constructive, but substantial gaps remain
RE
05:24pMCX MULTI COMMODITY EXCHANGE OF INDIA : reports Net Profit of 32.66 cr. in Q2 FY21-22
PU
02:55pU.s. cdc reports total novel coronavirus cases of 45,316,210 as of yesterday versus 45,235,796 in previous report on oct 22
RE
02:55pU.S. CDC Reports Total Deaths Of 733,834 Due To Coronavirus As Of Yesterday Versus 731,931 In Previous Report On Oct 22
RE
02:54pU.s. cdc reports total deaths of 733,834 due to coronavirus as of yesterday versus 731,931 in previous report on oct 22
RE
Latest news "Economy & Forex"