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S&P 500 ends down, Big Tech lifts Nasdaq to record

Stock MarketsSep 07, 2021 06:51PM ET
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© Reuters. FILE PHOTO: The floor of the the New York Stock Exchange (NYSE) is seen after the close of trading in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson/File Photo

By Noel Randewich

(Reuters) - The S&P 500 closed lower on Tuesday while the Nasdaq edged up to a record high, as investors balanced worries about the slowing pace of economic recovery with expectations that the Federal Reserve will maintain its accommodative monetary policy.

Amgen Inc (NASDAQ:AMGN) fell 2.1% and Merck & Co lost 1.6% after Morgan Stanley (NYSE:MS) cut its rating on the stocks to "equal-weight" from "overweight."

The Nasdaq was supported by Big Tech stocks that have fueled Wall Street's gains in recent years. Apple (NASDAQ:AAPL) rose 1.6% and Netflix (NASDAQ:NFLX) added 2.7%, both hitting record highs.

"You could call it a gravitation toward Big Tech. As people feel a bit uncertain about how COVID will play out, you don’t have your reopening worries with those companies," said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.

Much of the rest of Wall Street fell. Eight of the eleven sub-indexes traded lower, with economy-sensitive sectors like industrials down 1.8% and utilities dipping 1.4%. The real estate index lost 1.1%.

Tepid August payrolls data on Friday last week raised concerns that the economic recovery was slowing down.

On Tuesday, Morgan Stanley cut its rating on U.S. stocks to underweight, pointing to risks related to economic growth, policy and legislation, and warning it expects the next two months to be "bumpy."

Accommodative central bank policies and reopening optimism have pushed the S&P 500 and Nasdaq to record highs over the past few weeks, but concerns are growing about rising coronavirus infections due to the Delta variant and its impact on the economic recovery.

Analysts on average expect S&P 500 companies to increase their earnings per share by 30% in the September quarter, following a 96% surge in the second quarter, according to I/B/E/S data from Refinitiv.

Unofficially, the Dow Jones Industrial Average fell 0.76% to end at 35,100 points, while the S&P 500 lost 0.34% to 4,520.03.

The Nasdaq Composite climbed 0.07% to 15,374.33.

The S&P 500 remains up about 20% year to date, and the Nasdaq is up about 19%.

Boeing (NYSE:BA) Co dropped 1.8% after Ireland's Ryanair said it had ended talks with the planemaker over a purchase of 737 MAX 10 jets worth tens of billions of dollars due to differences over price.

Match Group Inc (NASDAQ:MTCH) jumped over 7% after the S&P Dow Jones Indices said on Friday the Tinder parent will join the benchmark index.

Columbia Property (NYSE:CXP) Trust Inc surged 15% after Pacific Investment Management Company said it would buy the company for $2.2 billion.

Volume on U.S. exchanges was 9.2 billion shares, compared with the 9.0 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 2.27-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.

The S&P 500 posted 19 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 120 new highs and 24 new lows.

S&P 500 ends down, Big Tech lifts Nasdaq to record
 

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Comments (20)
Pezhman Parsi
Pezh Sep 07, 2021 6:09PM ET
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S&P will have an ATH on Friday also!!
Neel Shaksham
Neel Shaksham Sep 07, 2021 6:09PM ET
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what is ATH sir?
Mitchel Pioneer
Mitchel Pioneer Sep 07, 2021 5:20PM ET
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Of course the NASDAQ just had to close at another record at any cost.  Biggest investment joke in history.
David Fong
David Fong Sep 07, 2021 5:20PM ET
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Market needs a huge correction
Auwal shehu
Auwal shehu Sep 07, 2021 5:02PM ET
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how can we get a ride of wallet
New Jazenevd
New Jazenevd Sep 07, 2021 5:00PM ET
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New money volumes get printed daily and go to market, inflating every sector. One day it is “big tech”, another day it is “small tech”, then it goes to “energy” and to something else and back to “tech” again. Every sector gets the money and gets inflated. Commoners can only use it for own advantage or lose completely by trying to stay away.
Alex Steven
Alex Steven Sep 07, 2021 4:16PM ET
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There was never an economic recovery LMAO
Alex Steven
Alex Steven Sep 07, 2021 4:15PM ET
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infinite money printing doesn't grow an economy?
Millennial Metals
Millennial Metals Sep 07, 2021 3:29PM ET
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Hope you have silver and gold
Mitchel Pioneer
Mitchel Pioneer Sep 07, 2021 1:47PM ET
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100 points in losses magically vanish from the system, while the NASDAQ, most grossly overvalued index in history, gets more "gains" shoved down its throat.  Uninhibited "rallies," and reversed losses, hallmarks of the US Ponzi Scheme, biggest investment JOKE in the world.
Indie LXXXVIII
Indie LXXXVIII Sep 07, 2021 1:39PM ET
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It's never a bad day in the market. With 28 trillion of debt, trillions on the feds balance sheet and no end in sigh, every dismal horrible announcement can be fixed. That really has been the only trade for 12 years. Will it stop before hyperinflation or war? Who knows.
Jokers R Us
Jokers R Us Sep 07, 2021 1:34PM ET
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Dollar rallies lol
Ajay Uppal
Ajay Uppal Sep 07, 2021 1:28PM ET
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Bitcoin corrected 17% today, now turn for all other asset classes.
Francesco Lucchesi
Francesco Lucchesi Sep 07, 2021 1:19PM ET
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buy the dip ? lol.
Francesco Lucchesi
Francesco Lucchesi Sep 07, 2021 1:18PM ET
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recovery ? we have never seen it actually. it's all just a joke
Millennial Metals
Millennial Metals Sep 07, 2021 1:04PM ET
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There was never an economic recovery LMAO
Chris Baker
Chris Baker Sep 07, 2021 1:04PM ET
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The US GDP showed a huge recovery in Q3. In Q3 our GDP increased +35% compared to -35% in Q2. Now, our GDP is just going bk to normal.
Mitchel Pioneer
Mitchel Pioneer Sep 07, 2021 12:46PM ET
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Another miracle intraday "recovery" underway.  Fraudulent, criminally manipulated joke.
Dustin Johnson
Dustin Johnson Sep 07, 2021 12:26PM ET
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infinite money printing doesn't grow an economy?
Dionte Edwards
Dionte Edwards Sep 07, 2021 12:26PM ET
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Lol
Scot House
Scot House Sep 07, 2021 12:20PM ET
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What a disaster.
Alex Malmstrom
Alex Malmstrom Sep 07, 2021 12:03PM ET
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Preparing the final bigger dip of 2021 prior to an end of year rally with more ridiculous ATH's.
Iyarin Boonnum
Iyarin Boonnum Sep 07, 2021 12:02PM ET
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MU variants is everywhere in USA, 🔥🔥🔥
Stan Smith
Stan Smith Sep 07, 2021 11:37AM ET
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Old news now becomes relevant despite all the 'Economy is Booming again' nonsense stories
Subhan Ayan
Subhan Ayan Sep 07, 2021 11:37AM ET
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forward carsh
 
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