Dow Plunges, Gives Back Tuesday Gains

Dow Plunges, Gives Back Tuesday Gains

August 04,2021 12:18 pm EST

The Dow Jones Industrials took the “down” elevator 275,99 points to 34,840.61, after a sharp rise on Tuesday

The S&P 500 faltered 15.51 points to 4,407.51, from Tuesday''s all-time closing high.

The NASDAQ eked higher 8,72points to 14,766.06.

Shares of General Motors fell about 7% in early trading, weighing on the broader market, after the automaker missed earnings expectations for the second quarter. The automaker did raise its guidance for a key profit metric for the rest of the year.

A strong earnings season continued after the bell Tuesday with Caesars Entertainment reporting stronger-than-expected results for the second quarter and citing a rebound to pre-pandemic levels of activity. Travel stocks MGM Resorts, Wynn Resorts and Booking Holdings will report after the bell on Wednesday.

Energy stocks struggled in early trading Wednesday, reversing a strong performance in the previous session. Shares of Lyft and Amgen also slid despite beating headline estimates in their quarterly reports

Meanwhile, shares of Robinhood surged more than 60%, continuing a volatile jump after last week''s soft initial public offering.

The ADP private payroll survey showed a gain of 330,000 jobs for July, well short of the consensus estimate of 653,000. The U.S. Labor Department''s official jobs report, which typically has more impact with investors, will be released on Friday.

The labour market readings come as the delta variant of COVID-19 has spread across the U.S., leading to new restrictions and mandates from some companies and local governments.

Treasury Secretary Janet Yellen will say on Wednesday that enacting the trillion-dollar bipartisan infrastructure bill is key to keeping America''s status as the "world''s pre-eminent economic power." Her comments come as investors await the final details of the bill, over which the Senate is currently haggling.

Prices for 10-Year Treasurys were lower, raising yields to 1.19% from Tuesday''s 1.18%. Treasury prices and yields move in opposite directions.

Oil prices faltered $2.42 to $68.14 U.S. a barrel.

Gold prices dropped 80 cents to $1,813.30 U.S. an ounce.


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