Concerns About Economic Recovery Weigh Down Wall Street

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Stocks in New York started Tuesday with losses in the first session after a long weekend. Investors are concerned about the slowdown in the economic recovery due to the floating Delta variant of the coronavirus.

 

Even the fact that the Federal Reserve’s central bank umbrella may maintain its support program longer could not prevent the negative trend.

Shortly after the opening bell, the leading Dow-Jones index was 0.3 percent lower at 35,247 points. The broad S&P 500 lost 0.2 percent to 4,525 points, and technology gauge Nasdaq was virtually flat at 15,368 points. Wall Street was closed Monday for Labor Day.

Among the companies, attention went to aircraft maker Boeing, which lost 1.7 percent. Irish low-cost airline Ryanair, one of Boeing’s largest customers, announced that it had stopped talks with the Americans about purchasing new aircraft. Ryanair had been in conclave with Boeing for months about the purchase of new aircraft. Now that talks have ended, Boeing is potentially losing tens of billions of dollars in revenue.

Music streaming service Spotify was among the notable risers with a profit of 4.4 percent. The Swedish-based company benefited from an increase in KeyBanc’s advice. According to analysts, Spotify’s user base is growing faster than its competitors.

There was also attention for biotech company Moderna, which lost 0.6 percent. According to White House, medical adviser Anthony Fauci, the roll-out of the so-called ‘booster shots’ in the US has been delayed. Pharmaceuticals and medical funds Johnson & Johnson, Merck and Amgen lost up to 1.5 percent after a negative analyst report from Morgan Stanley.

JD.com gained 2.1 percent. The Chinese e-commerce company announced the arrival of a new president. Founder and CEO Richard Liu, in turn, takes a step back. Online dating company Match Group also won 6.4 percent. The company will be listed in the S&P 500 later this month.

Furthermore, oil and gas companies such as ConocoPhillips and Chevron lost up to 0.4 percent. This happened in the wake of falling oil prices. A barrel of American oil cost 1.3 percent less at $ 68.43. Brent oil fell 0.4 percent at $71.96 a barrel.

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