Dow, S & P 500 fell in fifth consecutive session

Stocks were again unable to sustain an early rise and were under pressure during Friday’s trading day. Due to the recession that day, the Dow and S & P 500 fell in five consecutive sessions.

The main average accelerated its decline towards the closing price, ending the day firmly negative. The Dow fell 271.66 points (0.8%) to 34,607.72, the lowest closing price in more than a month. The Nasdaq fell 132.76 points (0.9%) to 15,115.49 and the S & P 500 fell 34.70 points (0.8%) to 4,458.58.

In the week of shortened holidays, the Dow fell 2.2%, while the S & P 500 and Nasdaq fell 1.7% and 1.6%, respectively.

Wall Street’s first strength came when traders aimed to pick up stocks at a somewhat diminished level following the recent downtrend.

However, as traders continued to raise concerns about the economic implications of the Delta variant, buying motivation diminished shortly after the opening of the deal.

Traders may also have been wary of buying shares prior to the next Federal Reserve Board’s monetary policy meeting later this month.

The Fed may provide up-to-date information on planning asset purchase programs, but signs of a recent slowdown in the economy could help central banks taper.

In US economic news, the Ministry of Labor released a report showing that producer prices in August were slightly higher than expected.

According to the Ministry of Labor, the producer price index for final demand rose 0.7% in August after rising 1.0% for the second straight month. Economists expected producer prices to rise by 0.6%.

Excluding food, energy and trade service prices, core producer prices rose 0.3% in August, following a 0.9% rise in July. Core prices were expected to rise 0.4%.

Sector news

Tobacco inventories fell sharply on the day, with the NYSE Arca Tobacco Index down 3.8%. The index continued to recede after hitting a high for the first time in almost three years on Tuesday.

Airline stocks also showed significant weakness, as reflected in the 3.3% decline in the NYSE Arca Airline Index. The index soared 2.6% on Thursday and then soared.

Utilities stocks were also under pressure during the session, with the Dow Jones Industrial Average falling 1.6%.

Stocks in gold, commercial real estate and brokerage firms also showed significant weaknesses, but some strength was seen among semiconductor stocks.

Other markets

In overseas transactions, stocks market During the trading on Friday, the Asia Pacific region as a whole rose almost. Japan’s Nikkei 225 index rose 1.3% and Hong Kong’s Hang Seng index rose 1.9%.

Meanwhile, major European markets performed differently on the day. The UK’s FTSE 100 index rose 0.1%, the German DAX index fell 0.1%, and the French CAC 40 index fell 0.3%.

In the bond market, government bonds receded after a significant rise in the previous two sessions. Since then, yields on benchmark 10-year bonds, which move against prices, have risen 4.2 basis points to 1.341 percent.

Future outlook

Next week’s trade could be affected by some key economic data such as consumer prices, retail sales, industrial production, import and export prices, consumer sentiment, and reports on local manufacturing activity.

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Dow, S & P 500 fell in fifth consecutive session

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