S&P 500 Index Slightly Decrease Due to Virus Crisis and Economic Slowing Reuters

© Reuters. File photo: October 28, 2013, Wall Street sign outside the New York Stock Exchange in New York.REUTERS/Carlo Allegri/File Photo

(In paragraph 2, corrected to indicate that Waller was speaking on CNBC. Corrected paragraph 3 to “He also suggested that the Fed can announce in September that it will start…” instead of “…The Fed can start to reduce Monthly bond purchases in September…”)

Author: Echo Wang

NEW YORK (Reuters)-Monday closed slightly lower, reversing early gains, as concerns about the delta mutation of the coronavirus and the US economic slowdown overwhelmed optimism about more fiscal stimulus measures and a strong second-quarter earnings season mood.

Fed governor Christopher Waller stated on CNBC late in the market that if the next two monthly employment reports both show an increase of 800,000 to 1 million in employment, as he expected, the Fed may start before October. Reduce support for the economy.

He also suggested that the Fed may announce in September that it will start reducing monthly bond purchases, which may raise yields again-which is not the best news for the stock market.

Data earlier in the day showed that although the US manufacturing sector increased in July, its pace slowed for the second consecutive month due to the shift in spending from goods to services and the continued shortage of raw materials.

The weaker-than-expected data also caused US bond yields to fall to their lowest level since July 20, and caused the blue-chip Dow Jones Index to fall from an intraday record high set in early trading.

Rob Haworth, senior investment strategist at Bank of America, said: “One of the problems facing the market… is the intensification of growth scares. It is China’s implementation of more restrictions. The number of infections in 14 provinces is now rising. , Or how far is the distance? The United States will have to comply with mask regulations.”

As of the close, only four of the S&P’s 11 sectors were higher. Among them, utilities and real estate are generally regarded as safe bets during uncertain times. Falling 97.31 points or 0.28% to 34,83​​8.16, the S&P 500 Index fell 8.1 points, or 0.18%, to 4,387.16, and increased 8.39 points, or 0.06%, to 14,681.07. Plaza Company (New York Stock Exchange:), payment company Twitter Company (New York Stock Exchange:) Co-founder Jack Dorsey (Jack Dorsey) jumped after saying that he would buy Australian shares immediately, and later paid $29 billion to pioneer Afterpay Ltd.

Due to weaker-than-expected manufacturing activity data, investors are now paying attention to Wednesday’s service industry data and Friday’s labor department’s monthly employment report.

After the tech giants released their mixed quarterly report last week, all eyes this week are on the earnings of Eli Lilly (NYSE:) and Co, CVS Health Corp (NYSE:), and General Motors (NYSE:). .

The trading volume on the US exchange was 8.80 billion shares, while the average trading volume for the entire trading day in the past 20 trading days was 9.77 billion shares.

The ratio of the number of falling shares to the number of rising shares on the New York Stock Exchange is 1.07:1; on the Nasdaq, the ratio of 1.05 to 1 favors the risers.

The Standard & Poor’s 500 Index hit 76 52-week highs and 2 new lows; the Nasdaq Composite Index hit 98 new highs and 67 new lows.

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