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

Wall Street Falls at Open on Growth Fears; Dow Jones Down 175 Pts

Stock MarketsSep 07, 2021 12:17PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S, stock markets started the holiday-shortened week on a subdued note, as a high-profile downgrade of U.S. growth forecasts weighed on sentiment amid a broad lack of any more concrete news.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 173 points, or 0.5% at 35,195 points, while the S&P 500 was down by 0.2% and the Nasdaq Composite was up by 0.1%, as investors once again sought relative safety in longer-dated growth plays. 

Earlier. Goldman Sachs (NYSE:GS) cut its growth forecasts for gross domestic product in the fourth quarter to 5.5% from 6.5% earlier, a move that followed hard on the heels of its second downgrade to the outlook for the current quarter in as many weeks. Having originally expected the U.S. economy to expand at an annualized rate of 8.5% through the summer quarter, Goldman now sees growth of only 3.5%, thanks to the spread of Delta variant Covid-19 and the fading effect of fiscal stimulus. 

The downgrade came after August's labor market report showed a much bigger-than-expected hit to hiring from the latest wave of the pandemic. The U.S. economy created only 235,000 net nonfarm jobs through the middle of the month, less than a quarter of July's gains and well below the 750,000 expected. 

Boeing (NYSE:BA) stock fell 1.9% after a decision by Ryanair, the company's biggest customer outside the U.S., to end talks over a large order for the 737 MAX 10, its largest single-aisle model. 

However, there were still notable bright spots: AMC Entertainment (NYSE:AMC) stock rose 6.6% to its highest in a month after news that Disney's new Marvel superhero movie, Shang-Chi and the Legend of the Ten Rings, had taken in over $90 million on its debut weekend at the box office in North America. CEO Adam Aron said via Twitter (NYSE:TWTR) that the company beat its own record for Labor Day weekend revenue as a result, adding that the figures topped comparable figures for 2019 for the first time. 

Other big gainers included Match Group (NASDAQ:MTCH) stock, which rose by 6.5% after S&P Dow Jones said it will include the dating site operator's stock in the S&P 500. That will force passive investors benchmarked to the index to include it in their portfolio.

Going in the other direction, Moderna (NASDAQ:MRNA) stock fell 0.4% after news of a third death in Japan among people who had received its Covid-19 vaccine from a contaminated batch. The stock also suffered a little from comments over the weekend by U.S. health supremo Anthony Fauci saying that it was lagging Pfizer (NYSE:PFE) and BioNTech in readying materials to support booster shots of its vaccine.  Rival vaccine maker Novavax (NASDAQ:NVAX) stock rose 7.0%, meanwhile, after Japan sealed a deal for 150 million doses of its Covid-19 drug.

Elsewhere in the pharma world, Genmab ADRs (NASDAQ:GMAB) fell 2.2% and Amgen (NASDAQ:AMGN) stock fell 1.9% after Morgan Stanley (NYSE:MS) analysts downgraded both to Equal Weight on valuation concerns after their recent rallies.

Wall Street Falls at Open on Growth Fears; Dow Jones Down 175 Pts
 

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 (14)
dav lo
dav lo Sep 07, 2021 12:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
fear again. come on. anything new
Iyarin Boonnum
Iyarin Boonnum Sep 07, 2021 12:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Super high inflation, MU variant, No job and free. Money. Stock market collapse. THE PARTY IS OVER.
Paul Richard
Paul Richard Sep 07, 2021 12:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
may be over for you but I see another 5% rise coming.
William Bailey
William Bailey Sep 07, 2021 12:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Free fed credit tap tapped out as debt ceiling not gonna budge , unemployment expired, forced free housing ended, no more stim checks , Fed draining liquidity on reverse repo at 4 times buyups. Real GDP was 16 trillion in 2020 without all the free stuff… a little higher than 2007. Assets will plumge
Rosh Jardine
RoshJardine Sep 07, 2021 11:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Rally at the closing time is possible
simone scelsa
simone scelsa Sep 07, 2021 11:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"investors once again sought relative safety in longer-dated growth plays" translation:  the massive economic distortion, with real interest rates that deeply negative, inflates overvalued growth stocks even more.
Russ Green
Russ Green Sep 07, 2021 11:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Headline should read wall street at open falls on profit taking. It will be back up tomorrow
Jimmy Joseph
Jimmy Joseph Sep 07, 2021 11:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So convenient, all this was not known a week ago
Pezhman Parsi
Pezh Sep 07, 2021 10:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No worries on Friday we have a new ATH that i can promise!!!
Mitchel Pioneer
Mitchel Pioneer Sep 07, 2021 10:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ah yes, the defense of the criminally manufactured "gains" on the NASDAQ commences in the laughingstock of the investing world.
James Wills
James Wills Sep 07, 2021 10:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wait for it to turn green and the next article being Wall Street Up on Growth Hopes
Watru Branson
Watru Branson Sep 07, 2021 10:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Now the article can't believe.. Haha
VIJAY PANDYA
VIJAY PANDYA Sep 07, 2021 10:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All negative news cames and takes effect after all targets achived
Leslie Alcedo
Leslie Alcedo Sep 07, 2021 10:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I time to wait andbe patiend. Let the market runs
Mario tragik
Mario tragik Sep 07, 2021 9:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Which in other words, more FED stim and less taper. To put it simpler more PUMP this will V hard.
Matius Marv
Matius Marv Sep 07, 2021 9:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
jajajajjaajaa small correction . play with people . BULLISH
 
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