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Dow Loses Steam Into Close as Rising Cases, Weaker Economic Data Weigh

Stock MarketsAug 02, 2021 04:21PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow lost steam into the close Monday, as rising Covid-19 cases and data showing a slowdown in manufacturing activity weighed on sentiment. 

The Dow Jones Industrial Average slipped 0.3%, or 97 points, though had hit an intraday record of 35,192.11. The S&P 500 closed down 0.2%, and the Nasdaq was up 0.1%.

Materials were the biggest drag on the broader market, weighed down by a 3% decline in Mosaic Co (NYSE:MOS), while industrials were pressured by falling airline stocks as rising Covid-19 cases threatened the recovery in travel.

American Airlines (NASDAQ:AAL), Southwest Airlines (NYSE:LUV), Alaska Air (NYSE:ALK) ended in the red, with the latter down more than 2%. 

"COVID-19 cases have increased over 300% nationally from June 19 to July 23, 2021, along with parallel increases in hospitalizations and deaths driven by the highly transmissible B.1.617.2 (Delta) variant," the US Centers for Disease Control and Prevention said in a Health Alert Network advisory last week.

General Electric (NYSE:GE) was also big drag on industrials after its shares began trading Monday at a previously announced reverse split-adjusted price of $103.60.

Still the outlook for industrials and other cyclical stocks remain positive. 

“Given our expectation for limited fallout, we maintain our favorable view of industrials, materials, and other economically sensitive equity sectors,” Wells Fargo (NYSE:WFC) said.

The broader technology sector was helped by a climb in iShares Semiconductor ETF (NASDAQ:chipstocks) following a 14% surge in ON Semiconductor (NASDAQ:ON).

ON Semiconductor (NASDAQ:ON) delivered a better-than-expected outlook after reporting quarterly results that topped Wall Street estimates despite the ongoing supply chain constraints.

Qualcomm (NASDAQ:QCOM), meanwhile, pared some gains after Google unveiled plans to build its own smartphone processor, Google Tensor, and ditch chips from Qualcomm for its slate of Pixel 6 phones to be launched later this fall.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB), and Amazon.com (NASDAQ:AMZN) ended mixed.

Tesla (NASDAQ:TSLA) was up more than 3% after cutting the price of its Model 3 standard range version in China by 15,000 Chinese yuan.

On the economic front, U.S. manufacturing activity slowed in July for the second straight month to a reading of 59.5 from 60.6 in May. 

In other news, Square (NYSE:SQ) agreed to acquire Australian pay later provider Afterpay in a $29 billion all-stock transaction.

Dow Loses Steam Into Close as Rising Cases, Weaker Economic Data Weigh
 

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Comments (8)
Dave Jones
Dave Jones Aug 02, 2021 8:09PM ET
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meme
Glenn Ebersole
Glenn Ebersole Aug 02, 2021 7:08PM ET
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How does lowering your price command a 3% increase in stock price? Robinhood investors??
Warren Wesley
Warren Wesley Aug 02, 2021 6:11PM ET
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thanks for the assessment.
casual Lee
casualLee Aug 02, 2021 5:27PM ET
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tomorrow headline will be Dow rises on hopes of recovery.
Rob Banks
Rob Banks Aug 02, 2021 5:27PM ET
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it's a joke at this point, the headlines
Mitchel Pioneer
Mitchel Pioneer Aug 02, 2021 5:21PM ET
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Nasdaq hand placed in the green at the close.  Flagrantly manipulated joke.
CHADWICK RICHINGTON
CHADWICK RICHINGTON Aug 02, 2021 4:48PM ET
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Biggest crash of all time is coming
Jeffrey Vose
Jeffrey Vose Aug 02, 2021 4:45PM ET
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lol “Rising Cases”… it’s so amazing how so many in our population have been conditioned to be afraid of something with a 99.8% survival rate. My sister-in-law just had it and said she has had worse hangovers.
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Scot House
Scot House Aug 02, 2021 4:45PM ET
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Elmer Fudd you forgot to mention your doctor was 85 and fatter than Oprah
Anthony Badalamenti
Anthony Badalamenti Aug 02, 2021 4:45PM ET
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Good one!!!!
tim banks
tim banks Aug 02, 2021 4:45PM ET
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98%
Dave Jones
Dave Jones Aug 02, 2021 4:45PM ET
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99.997% survival rate
Taylor Manson
Taylor Manson Aug 02, 2021 4:45PM ET
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Say it for Who lost their families
TheEnd IsNigh
TheEnd IsNigh Aug 02, 2021 4:45PM ET
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What's better than shooting one's self in the foot? Shooting the other foot, too. Can't wait for Biden to be pressuring governors to lockdown for another year of destruction. Keep those Fed printers warm, boys!
Jeffrey Vose
Jeffrey Vose Aug 02, 2021 4:45PM ET
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Their cure is worse than the disease.
 
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