4.05pm: Wall Street digests weaker growth outlook from Goldman Sachs (NYSE:GS)
US stocks finished the day mixed as Goldman Sachs (NYSE:GS) downgraded its economic forecast to 5.7% annual growth in 2021, below the 6.2% consensus, citing coronavirus (COVID-19) Delta variant concerns and fading fiscal stimulus.
At the close, the Dow fell 269 points, or 0.8% to 35,100, while the S&P 500 eased 15 points at 4,520 and the tech-heavy Nasdaq edged up 11 points to 15,374.
Weighing on the Dow was a nearly 2% loss from Boeing (NYSE:BA) after the Wall Street Journal reported that deliveries for the 787 Dreamliner would likely be further delayed.
Other notably movers included shares of Apple Inc (NASDAQ:AAPL), which rose more than 1.5%.
11.55am: US stocks still mostly lower
US indices were mixed at mid-session with the Nasdaq still pushing higher.
The Dow Jones Industrial Average plunged more than 250 points to stand at 35,110.
The broader based S&P 500 index lost around 16 points at 4,518.
But the tech heavy Nasdaq index added around five points at 15,368.
"The return of US markets has failed to lift sentiment, with stocks throughout Europe and the US losing ground. Meanwhile, energy markets are losing traction after Saudi Arabia dropped their prices," said Joshua Mahony, senior analyst at trading group IG.
The analyst also noted there was a strong move higher for US 10-year yields, with the seven-week highs signaling a "growing confidence that things are ultimately moving in the right directions".
"Interestingly, the Nasdaq is providing one rare area of safety, with the index gaining ground despite the fact that rising yields should instead drive growth stock underperformance," he added.
11.10am: Proactive North America news headlines
DGTL is first to be enabled to convert and distribute social media influencer content to programmatic web ads
Mindset Pharma develops specialized preclinical rodent trained studies with its drugs to differentiate between psychedelic and non-psychedelic effects
PlantX Life announces the appointment of Fred Leigh as its executive chairman effective immediately
Camino Minerals kicks off core drilling at high-grade Lidia zone at its Los Chapitos copper project in Peru
Gold Resource Corp set to restart production at Don David mine; updates on positive exploration at Switchback zone
Mydecine Innovations announces MYCO-001 Seamless Phase 2/3 Smoking Cessation clinical trial
LexaGene Holdings says it has successfully utilized its MiQLab System to detect the presence of multiple strains of pathogenic bacteria
Jack Nathan Medical announces appointment of Dr Glenn Copeland as its new chief executive officer, effective immediately
Record month for Pure Gold Mining in August
Esports Entertainment Group becomes a 20% partner in Game Fund Partners General Partnership
Gevo unveils plans to install alcohol-to-hydrocarbon process pilot unit at Minnesota facility
QC Copper and Gold says it is poised to announce maiden resource for Opemiska project this month
Audacious inks deal to become official CBD provider to the Professional Bull Riders
HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining acquires more claims at Munro-Croesus project in Timmins
Western Magnesium appoints Colonel (retired) Michael Rutkowski as its executive vice-president for Enterprise Business and Defense
BioVaxys Technology says DTH response persists for at least one year after coronavirus exposure or vaccination
First Cobalt (TSX-V:FCC, OTCQX:FTSSF) options Canadian Cobalt Camp assets to Kuya Silver
Victory Square Technologies says portfolio company, Fantasy 360 Technologies Inc. receives final approval for listing from the Canadian Securities Exchange
Phunware announces appointment of Ryan Costello and Rahul Mewawalla to the company’s board of directors
Clean Air Metals reveals more high-grade palladium equivalent results from its Thunder Bay North Project in Ontario
Zynerba Pharmaceuticals (NASDAQ:ZYNE) says results of Phase 2 BELIEVE open-label study of Zygel described as positive in medical journal
i-80 Gold to acquire Lone Tree, processing facilities, Buffalo Mountain and Ruby Hill to create Nevada mining complex
O3 Mining says it has received UL 2723 ECOLOGO Certification for Mineral Exploration Companies
Kodiak Copper says exploration program at MPD copper-gold project is progressing well and on budget
Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) completes app integration with Lightspeed Commerce's merchant platform
9.45am: US benchmarks mostly lower
US stocks started mostly lower but the tech heavy Nasdaq started on the front foot on Tuesday as traders returned to their desks after Labor Day.
In New York, the Dow Jones Industrial Average plunged 157 points at 25,211.
The S&P 500 slipped over ten points to stand at 4,524. The Nasdaq index though gained around 15 points at 15,379.
In London, FTSE 100 shed 17 points at 7,169.
7am: US stocks set to consolidate
US stocks look set to consolidate around recent record levels on Tuesday as investors seek fresh direction following the long Labor Day holiday weekend.
Futures for the blue-chip Dow Jones Industrials Average and the broader S&P 500 index were less than 0.1% higher, although those for the Nasdaq-100 rose 0.2%.
Markets edged lower on Friday after the US non-farm payrolls report significantly missed forecasts for August leading to uncertainties over the Federal Reserve's next steps.
Investors are waiting to see if the US central bank could now delay plans to begin tapering its bond purchases because of the risks from fresh coronavirus (COVID-19) Delta variant cases and concerns that growth may cool as a result.
Data out on Tuesday showed that China’s exports unexpectedly jumped in August when economists had been expecting a slowdown after new COVID-19 outbreaks cases in the country closed coastal ports.
Among commodities, oil prices were firmer, with Brent crude up 0.4% after last week's OPEC+ meeting left production unchanged.
Bitcoin was a focus Tuesday after El Salvador adopted the cryptocurrency as legal tender.
Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown commented: ‘’Attempts to pump up the price of Bitcoin to celebrate its adoption as legal tender in El Salvador have fallen flat with the cryptocurrency deflating in value slightly over the past 24 hours. Speculation had swirled that Bitcoin would see another price surge, especially if fans followed the calls put out on social media to buy $30 worth to mark the Bitcoin law coming into effect. But it’s fallen back by around 1.4% over the past 24 hours hovering just over $51,000.
"The reticence to follow the herd on this occasion offers much-needed crumbs of comfort, given so much of Bitcoin’s rise is down to speculation on future price rises and the FOMO effect, rather than necessarily its underlying use case. This concern has been echoed by Charles Randell, the chair of Britain’s financial watchdog, the FCA, who has highlighted the dangers of high-profile celebrity influencers promoting risky cryptoassets.
"Bitcoin is still up by 65% since July 20th when it began its most recent climb, after losing more than half its value, after reaching a high of over $63,000 in April."