{"id":131339,"date":"2021-07-06T21:04:01","date_gmt":"2021-07-06T21:04:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131339"},"modified":"2021-07-06T21:04:01","modified_gmt":"2021-07-06T21:04:01","slug":"dow-sp-500-fall-as-financials-drag-nasdaq-at-record","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dow-sp-500-fall-as-financials-drag-nasdaq-at-record\/","title":{"rendered":"Dow, S&P 500 fall as financials drag; Nasdaq at record"},"content":{"rendered":"
NEW YORK (Reuters) – The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record.<\/p>\n
The S&P 500 banks index fell 2.5% as U.S. Treasuries rallied, with the 10-year yield hitting its lowest since Feb. 24.Data showed U.S. services industry activity grew at a moderate pace in June, likely restrained by labor and raw material shortages.<\/p>\n
The Dow led the day\u2019s declines. Financials sank 1.6%, the biggest weight on the S&P 500 followed by energy shares.<\/p>\n
Adding to investor caution, a regulatory crackdown by Beijing drove a selloff in shares of several U.S.-listed Chinese firms, including Didi Global Inc.<\/p>\n
Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advisory firm based in Toledo, Ohio, said with Treasury yields down, \u201cinvestors may be worried the economy might not be a good as the stock market was showing.\u201d<\/p>\n
Also, investors may be taking profits after a strong end of the quarter and string of recent records. \u201cIt was such a good quarter end,\u201d he said. Now, \u201ccyclicals are really getting hit.\u201d<\/p>\n
The S&P 500 growth index ended up 0.5% after hitting a record high on Tuesday, while the S&P 500 value index fell 1%.<\/p> The Dow Jones Industrial Average fell 208.98 points, or 0.6%, to 34,577.37, the S&P 500 lost 8.8 points, or 0.20%, to 4,343.54 and the Nasdaq Composite added 24.32 points, or 0.17%, to 14,663.64.<\/p>\n Last week, all three indexes posted their fifth consecutive quarterly gains. They scaled new highs on Friday.<\/p>\n On Tuesday, the Cboe Volatility Index, an options market gauge of expectations for near-term volatility, rose 1.37 points to close at 16.44, its highest close in two weeks, highlighting investors\u2019 jangled nerves.<\/p>\n Didi Global shares dropped 19.6% after Chinese regulators ordered over the weekend the company\u2019s app be taken down days after its $4.4 billion listing on the New York Stock Exchange.<\/p>\n Other U.S.-listed Chinese e-commerce firms also fell, including Alibaba Group, down 2.8%, and Baidu, down 5%.<\/p>\n (Graphic: )<\/p>\n Declining issues outnumbered advancing ones on the NYSE by a 1.86-to-1 ratio; on Nasdaq, a 2.18-to-1 ratio favored decliners.<\/p>\n The S&P 500 posted 49 new 52-week highs and no new lows; the Nasdaq Composite recorded 69 new highs and 75 new lows.<\/p>\n Volume on U.S. exchanges was 10.12 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.<\/p>\n