Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 ends down slightly after flirting with record levels again

Stock MarketsAug 13, 2020 05:10PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. A man walks a dog in the shade past the New York Stock Exchange (NYSE) during hot weather in New York

By Caroline Valetkevitch

(Reuters) - The S&P 500 ended slightly lower on Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems Inc (O:CSCO).

The benchmark S&P 500 rose as high as 3,387.24 during the session, just above its record high closing level of 3,386.15 from Feb. 19. The record came just before investors sold shares in anticipation of what proved to be the biggest slump in the U.S. economy since the Great Depression. The index's intraday record high of 3,393.52 was also set on Feb. 19.

An 11.2% slump in shares of Cisco Systems weighed on the Dow and S&P 500 after the company forecast first-quarter revenue and profit below estimates.

Concern about corporate earnings has continued despite a mostly stronger-than-expected second-quarter profit season.

"The outlook for earnings in the next few quarters seems to be getting watered down by a lot of big companies," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

"It's making for a sluggish market without a real catalyst to push it up and over the hurdle for good," he said, referring to the S&P 500's record.

Apple Inc (O:AAPL) shares rose 1.8%, helping to support the Nasdaq and limiting losses in the S&P 500.

Also limiting bearishness, jobless claims fell below 1 million for the first time since efforts to curb the COVID-19 outbreak in the United States began five months ago.

Wall Street has recovered most of the trillions in market capitalization lost during the start of the pandemic and the Nasdaq was the first of the three major indexes to hit a record high in June. The Dow remains below its February peak.

The Dow Jones Industrial Average (DJI) fell 80.12 points, or 0.29%, to 27,896.72, the S&P 500 (SPX) lost 6.92 points, or 0.20%, to 3,373.43 and the Nasdaq Composite (IXIC) added 30.27 points, or 0.27%, to 11,042.50.

Initial claims for state unemployment benefits decreased to 963,000 for the week ended Aug. 8, the lowest level since mid-March. But the expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline.

Data last week showed the economy had regained only 9.3 million of the 22 million jobs lost between February and April, indicating a long road to reach pre-pandemic levels.

Investors continue to hold on to hopes Democrats and the White House can reach agreement on a stimulus package to help the economy recover. Unemployment benefits have been a sticking point in their talks.

The U.S. presidential election is expected to add another layer of uncertainty into markets, with roughly 12 weeks remaining until Election Day.

Among declining stocks, Tapestry Inc (N:TPR) fell 1.1% even as it beat quarterly sales estimates.

Declining issues outnumbered advancing ones on the NYSE by a 1.42-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored decliners.

The S&P 500 posted 15 new 52-week highs and no new lows; the Nasdaq Composite recorded 62 new highs and 18 new lows.

Volume on U.S. exchanges was 8.70 billion shares, compared with the 10.2 billion average for the full session over the last 20 trading days.

S&P 500 ends down slightly after flirting with record levels again
 

Related Articles

S&P 500 Rebounds as Buyers Load Up on 'Oversold' Stocks
S&P 500 Rebounds as Buyers Load Up on 'Oversold' Stocks By Investing.com - Dec 02, 2021

By Yasin Ebrahim Investing.com – The S&P 500 clawed back some losses Thursday, bouncing back from oversold levels following a rout a day earlier after the U.S. confirmed its first...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (10)
Peter Dikeakos
Peter Dikeakos Aug 13, 2020 7:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So, the top 3% is what keeps markets above water.....money launderers must know that for sure.
Ivan Markovic
Ivan Markovic Aug 13, 2020 6:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No worries, another green day tomorrow. It will rise on "hopes for vaccine" or "recovery optimism" or whatever
George Pichurov
George Pichurov Aug 13, 2020 5:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I just fell from all-time-high on my head and now I am desperate to buy stonks.
john doe
batman876 Aug 13, 2020 11:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1 more trillion plz
George Pichurov
George Pichurov Aug 13, 2020 11:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
2 more tril. plz
Plopseven Schwartz
Plopseven Schwartz Aug 13, 2020 11:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
“Like almost all of Apple’s bond sales, it will use the money to buy back stock and pay dividends, among other general corporate purposes, the person said. JPMorgan Chase & Co., Barclays Plc and Goldman Sachs Group Inc. are managing the offering.” So Apple, the $2T company with supposed buckets of cash on the sides is asking their landlords to defer rent, then using their employee wages, rent money and loans to buy their own stock back. Wow. Un-f-real.
Tyler Phillis
Tyler Phillis Aug 13, 2020 11:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So, Apple isn't entitled to the relief, but you are? Apple should just shut up, pay your bills, and accept this as...good moral conduct? Every productive citizen has the right to just compensation, including parasites like you. If you pay taxes, you are entitled to receive something in return. The government created this economic problem...the government YOU voted for and accept. Apple should consider any relief they take as payment for services rendered. Just as YOU should...
Plopseven Schwartz
Plopseven Schwartz Aug 13, 2020 11:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tyler Phillis holy...who hurt you, man? This type of government behavior allows companies to spend all of their money and never keep a rainy day fund because the government will just bail them out. I get that for utility companies and banks, but Apple? It’s one of the most profitable companies on the planet and we use taxpayer money to prop it up? No, I draw the line there. This isn’t capitalism; it’s corporate socialism. You and I pay for it.
Jay West
Jay West Aug 13, 2020 11:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tyler Phillis you are so out of it. Too much smokey smokey i assume.
eddie glass
eddie glass Aug 13, 2020 11:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
5 stocks make up nearly 20% of the entire stock market valuation thanks to the fed devaluing currency and there being nothing to invest in so funds just dumping money in to the same few bubble stocks
Edward Chong
Edward Chong Aug 13, 2020 11:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yeap u are absolutely right. wall st decide when to burst so either u are in or u are out. i never own any apple stock in my life cos i dont believe in it. simple as that.
eddie glass
eddie glass Aug 13, 2020 11:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
A company that only had a revenue of $50 billion has a $2 trillion market cap that uses slave labor in china? Meanwhile 7 digit unemployment and small businesses being obliterated  in US due to lockdowns. Absolutely disgusting.
eddie glass
eddie glass Aug 13, 2020 11:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
*8 digit
Tyler Phillis
Tyler Phillis Aug 13, 2020 11:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not sure about the slave labor charge...Apple claims to pay its Chinese workforce and I have no reason to doubt that. I'd say that you're taking this claim as fact without facts to support it. But this is beside the point...a distraction from the absolutely mindless argument that - somehow - Apple is responsible for US unemployment. Point to any region in the US, identify the economic drivers that support commerce and private enterprise and I'll point to a government policy or action that undermines or exploits it. Unemployment is cause by two things: 1) the choices individuals make, and 2) government interference in the markets. By far the biggest contributor to the percentage of people who cannot find work is #2.
Jay West
Jay West Aug 13, 2020 11:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tyler Phillis foxconn pays 400usd a month for 12 hour work days and dormitory quarters. Look it up. They also have suicide nets around their buildings. These are facts.
Moses Yang
Moses Yang Aug 13, 2020 9:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fake news
Edward Chong
Edward Chong Aug 13, 2020 9:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
i dont own apple stock. but i think u are crazy already.
Andrew carson
Andrew carson Aug 13, 2020 9:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why file when you can't survive on what you would get?
Jan Buyle
Jan Buyle Aug 13, 2020 7:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
3370ish is the top for this rally. Will go down at least 15% in the weeks to come...
Tom Pym
Tom Pym Aug 13, 2020 7:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
350 it is then.
Tom Pym
Tom Pym Aug 13, 2020 7:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
3500 I mean
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email