Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street ends lower, weighed down by Big Tech

Stock MarketsSep 08, 2021 07:41PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 10, 2021. REUTERS/Andrew Kelly

By Noel Randewich

(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 (NASDAQ:AAPL) and Facebook (NASDAQ:FB) 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 (NYSE:PRGO) Plc jumped 9% after the drugmaker said it plans to buy HRA Pharma from investment firms Astorg and Goldman Sachs (NYSE:GS) Asset Management in a deal valued at 1.8 billion euros ($2.13 billion).

Cryptocurrency exchange Coinbase (NASDAQ:COIN) 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 (NASDAQ:PYPL) 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.

Wall Street ends lower, weighed down by Big Tech
 

Related Articles

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 (18)
Stan Smith
Stan Smith Sep 08, 2021 8:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Six Largest Wall Street Banks Issue Market Red Alerts. Can we have a story on this??
New Jazenevd
New Jazenevd Sep 08, 2021 5:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Small dip before next run-up. Either use it to buy something or just ignore it.
Eddie Earning
Eddie Earning Sep 08, 2021 5:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Made about 7000$ using trading signals interested
Jw William
Jw William Sep 08, 2021 5:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
New Jazenevd
New Jazenevd Sep 08, 2021 5:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Eddie Earning  Congrats. This market is good for good traders.
Mitchel Pioneer
Mitchel Pioneer Sep 08, 2021 5:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another loss halved in the biggest investment JOKE in the world, as the incessant, criminal intervention continues.
Nguyen thong
Nguyen thong Sep 08, 2021 4:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Let's trust our self and grow each other business intelligence
Ezel Mete
Ezel Mete Sep 08, 2021 4:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
oh please these days are hardly red days. it's all a scam. "delta fears". how about inflation, and all the bad economic data
Chris Sundo
Chris Sundo Sep 08, 2021 3:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We need lower levels though. Tomorrow a big downer please
katya litski
katya litski Sep 08, 2021 3:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
these are computer generated articles
Mitchel Pioneer
Mitchel Pioneer Sep 08, 2021 3:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"US Stocks Trim Losses," the most prolific headline in internet news history.  Clearly illustrates why the US Ponzi Scheme is the laughingstock of the financial world.
Mitchel Pioneer
Mitchel Pioneer Sep 08, 2021 2:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The noon "reversal" you can set your watch by.  What a joke.  Assume the proper position America.
Ricardo Diogo
Rcd72 Sep 08, 2021 1:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
11million jolt's!!! and now Mr FED!! what is the excuse?? job market is not solid??? it is " transitory"??? the sky is blue?
Kareem Sultan
Kareem Sultan Sep 08, 2021 1:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
this is just game from my view
Frank Francone
Frank Francone Sep 08, 2021 1:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Perfect job market, high inflation, solid economy everywhere. Interest rate should be at 3/4% and Nasdaq back to 8.000
William Bailey
William Bailey Sep 08, 2021 12:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yep! A real GDP of 16 trillion aimt gonna cut it…. No more free spending money , no more free housing , no more free corona aid to businesses, Fed selling off tresuries on reverse repo…. 50-80 percent correction over next year
Alan Rice
Alan Rice Sep 08, 2021 12:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is time for a 20% correction on All American Securities Exchanges, including most commodities (Not oils, coals, and LNGs. They should correct upwards ( in all currencies)). Tic-toc.
Mitchel Pioneer
Mitchel Pioneer Sep 08, 2021 11:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
11AM sharp, and with flagrant precision, the floor goes under the losses.  Where's the ceiling during "rallies?"  Fraudulent, criminally  manipulated joke.
Chris Sundo
Chris Sundo Sep 08, 2021 11:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Agreed
Ricardo Diogo
Rcd72 Sep 08, 2021 11:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
fed has just started printing mountain of paper , don't worry about potential losses is you are paying taxes , you be paying it anyhow....
Stan Smith
Stan Smith Sep 08, 2021 11:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Can't we just forget about all the fears so stocks can go up? It would be great: No inflation fears, No tapering fears, no rate hike fears. I mean these are fake markets anyway so what difference would it make?
Edward Adigunawan
Edward Adigunawan Sep 08, 2021 11:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
u can begin by telling the fed to stop maipulating the market by printing Usd with QE or covid bail out funds. Then you would see the real price of all assets :)
Edward Adigunawan
Edward Adigunawan Sep 08, 2021 11:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
when the QE stops...u will never ever worry about the inflation.
Chris Sundo
Chris Sundo Sep 08, 2021 11:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Any positives today would just be a counter trend in a short down trend, to ease the pain momentarily, before the down trend resumes tomorrow. Remember, they need to set the stage for a bigger sell off. Bending the averages downward takes time, timing, determination and persistance
Josh Davis
Josh Davis Sep 08, 2021 10:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So i guess fed lies about how great growth and recovery has been? Cant have it both ways reuters
Ferdinando Riboni
Ferdinando Riboni Sep 08, 2021 9:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the Feds will Print another Trillion do not worry..
Chris Sundo
Chris Sundo Sep 08, 2021 9:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The old Romans did it for 300 years. Then USA can do it for 30 at least
Kareem Sultan
Kareem Sultan Sep 08, 2021 9:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
junk
 
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