S&P 500, Dow extend longest losing spree in a year as coronavirus cases top 7 mn

Five of the 11 main S&P indexes fell in early buying and selling, with a 0.7% drop for vitality shares placing them on track for one in all their worst weeks because the coronavirus-driven crash in March.

The defensive actual property sector led positive factors amongst these buying and selling increased.

A clutch of combined macroeconomic knowledge has weighed on Wall Street in current weeks, overshadowing indicators of progress on Congressional stimulus that, analysts say, is required to maintain an financial restoration.

“There’s evidence of a slowdown in the United States, which we think is temporary, but it would be reinforced if there is no additional fiscal package,” mentioned Sebastien Galy, senior macro strategist at Nordea Asset Management in Luxembourg.

The S&P 500 is on track for its fourth straight weekly decline – its longest losing streak since August 2019 – and is hovering simply above correction territory with buyers oscillating between beaten-down technology-related shares and value-linked sectors such as industrials.

At 10:07 a.m. ET, the Dow Jones Industrial Average was down 39.09 factors, or 0.15%, at 26,776.35, and the S&P 500 was down 1.50 factors, or 0.05%, at 3,245.09.

The Nasdaq Composite was up 25.38 factors, or 0.24%, at 10,697.65, propped up by a 1% bounce in Apple Inc.

Shares of tech mega-caps together with Amazon.com Inc and Microsoft Corp, that are perceived as comparatively protected belongings at a time of financial uncertainty, additionally inched increased.

The S&P industrials sector added 0.2% as knowledge confirmed new orders for key U.S.-made capital items elevated greater than anticipated in August.

Analysts warned the CBOE volatility index, recognized as Wall Street’s concern gauge, may climb increased towards the tip of the quarter subsequent week as effectively as the Nov. Three presidential election.

Costco Wholesale Corp fell 2.6% as the warehouse chain recorded excessive coronavirus-related prices for the second straight quarter.

Boeing Co gained 2.4% after Europe’s chief aviation security regulator mentioned the planemaker’s grounded 737 MAX may obtain regulatory approval to renew flying in November and enter service by the tip of the year.

Novavax Inc jumped 9.8% after the drugmaker launched a late-stage trial of its experimental COVID-19 vaccine in the UK.

Advancing points practically matched decliners on the NYSE and outnumbered them 1.68-to-1 on the Nasdaq.

The S&P index recorded no new 52-week excessive or low, whereas the Nasdaq recorded seven new highs and 23 new lows.

This story has been printed from a wire company feed with out modifications to the textual content. Only the headline has been modified.