Stock market today
A mixed close for the US stock market today. Only Nasdaq closed marginally higher while Dow Jones lost 323 points and S&P 500 lost 20 points. Small-cap stocks underperformed as Russell 2000 fell 1.23% The closing numbers for the US stock market today follow.
S&P 500: 4,402.66,-20.49(-0.46%)
Dow 30: 34,792.67,-323.73(-0.92%)
Russell 2000: 2,196.32,-27.26(-1.23%)
Stock market news
“Stocks fell below record levels Wednesday, with investors weighing concerns over the economic impact of the ongoing pandemic against optimism over rebounding corporate earnings.
The S&P 500 opened lower a day after the index reached a record closing high. The Dow also fell, while the Nasdaq was little changed.
Investors considered a much weaker-than-expected report on private payroll growth last month. ADP reported that private-sector employers added back just 330,000 jobs in July, or fewer than half the expected gain of 690,000, according to Bloomberg consensus data.
The print, while typically an imprecise indicator of the Labor Department’s monthly non-farm payrolls reports, was nonetheless an indication of a labor market still struggling to recoup all of its pandemic-era losses. Friday’s “official” July jobs report is still expected to reflect a pick-up in hiring and the return of more workers to the labor market last month, helping to alleviate some of the labor scarcities rampant across industries.
Meanwhile, corporate earnings results from major U.S. companies continue to track mostly strongly. Shares of ride-hailing company Lyft (LYFT) gained after the company unexpectedly delivered adjusted EBITDA profitability for the first time since going public in 2019, with a pick-up in ridership during the reopening helping to fuel results. Oil and gas company Occidental Petroleum (OXY) also posted a surprise adjusted profit as energy demand rebounded.
Estimates-topping results from these and a myriad of other major U.S. companies have helped buoy stocks even as jitters around the spread of the Delta variant and concerns around a regulatory crackdown in China lingered. Treasury markets, however, have reflected some of these concerns, with the benchmark 10-year yield back below 1.2% and holding at the lowest levels since mid-July.
“Certainly when it comes to the Delta variant, that has been a driver of rates moving lower. And certainly concerns around China have also been a headwind. We do think those are largely driven outside the U.S., so when it comes to domestic factors, domestic growth actually looks fairly solid,” Stephanie Roth, JPMorgan private bank senior markets economist, told Yahoo Finance. “We expect over the long run domestic factors should win out and rates should move higher.”
Stock market source: Yahoo Finance