4:05 pm: US equities fall as investors fret economic growth
US stocks closed down for a third straight day as investors grew cautious about economic growth.
Many investors are bracing for volatility in September, one of the seasonally weakest months of the year.
On the day, the Dow Jones Industrial Average dropped 69 points, or 0.20%, to 35,030 as the S&P 500 declined 0.13% to 4,514.
The tech-heavy Nasdaq also dropped 0.57% to 15,286.
12.05 pm: Rising Delta variant cases continue to pressure US equities
US stocks fell in noon trading, with the Dow down for the third-straight session, as investors continue to assess the economic impact of rising coronavirus (COVID-19) Delta variant cases.
At midday, the Dow fell 163 points to 34,937, while the S&P 500 eased 23 points at 4,497 and the tech-heavy Nasdaq slid 149 points, or 1%, to 15,225.
“We see a bumpy September-October as the final stages of a mid-cycle transition play out,” Morgan Stanley (NYSE:MS) chief cross-asset strategist Andrew Sheets said.
“The next two months carry an outsized risk to growth, policy and the legislative agenda,” Sheets added.
The Labor Department released the Job Openings and Labor Turnover Survey, which showed that job vacancies hit a record 10.9 million in July.
Notable movers included shares of Coinbase Global, Inc, which pulled back more than 3% after the cryptocurrency exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission.
9.55am: Proactive North America headlines:
Gatling Exploration (TSX-V:GTR, OTCQB:GATGF) set for further metallurgical tests to optimize gold recovery from Larder deposits as it unveils preliminary findings
Electric Royalties inks deal to acquire a 1% NSR on the Cancet lithium project in Quebec
Viscount Mining identifies multiple gold, silver and base metal targets at Cherry Creek Project in Nevada
Agra Ventures receives notice from Organigram that the first of three Edibles & Infusions Corp. earn-out milestones was satisfied on August 13
Ketamine One (NEO:MEDI.AQN) inks letter of intent for two ketamine infusion clinics in Texas
Nextech AR Solutions says its AR for ecommerce offering will be available as a self-service SaaS offering in early October 2021
The Valens Company (TSX:VLNS, OTCQX:VLNCF) expands international footprint to Asia-Pacific region via exclusive Australian partnership
XPhyto touts successful market launch and thriving demand for its 25-minute COVID-19 PCR Test
Arcadia Biosciences kicks off its search for a new CEO
Aurania Resources completes maiden ESG report
Empower Clinics announces official opening of The Medi-Collective (TMC) inaugural medical clinic in Hamilton, Ontario
GR Silver Mining (TSX-V:GRSL) finds new gold, silver rich veins at GAP area at Plomosas project
Bitcoin could hit US$100,000 by year-end, while Ethereum offers greater risk, say bank analysts
Psyched Wellness (CSE:PSYC, FRA:5U9, OTCQB:PSYCF) says it is commencing the next preclinical trial study on Amanita Muscaria Extract
RedHill Biopharma (NASDAQ:RDHL) notes study demonstrates opaganib's efficacy in significantly decreasing renal fibrosis
Else Nutrition announces launch of a new dedicated Health Care Professional (HCP) Website in the US
9.40am: US shares start lower
US benchmarks started in the red on Wednesday as traders continue to be jittery about the state of the US economy, the Delta variant and the Fed's potential tapering plan.
The Dow Jones Industrial Average was down over 63 points at 35,036 in early deals.
The S&P 500 lost almost eight points at 4,512.
The technology-laden Nasdaq exchange shed over 34 points at 15,359.
Looking ahead, the US central bank is due to release its latest Beige Book report - an overview of the conditions in each of the Fed US districts, at 2pm ET, which may give more clues as to the US economy and where the Fed may be heading with policy.
7am: US stocks set to extend recent falls
US stocks are expected to extend recent falls on Wednesday amid investor uncertainty about when the Federal Reserve may start tapering bond purchases as economic recovery looks to be stuttering in the face of increases in coronavirus (COVID-19) cases.
Futures for the blue-chip Dow Jones Industrial Average and the broader S&P 500 index were both down around 0.1%, while those for the tech-laden Nasdaq-100 futures were relatively flat.
Stocks have come under pressure following a much weaker-than-expected August US jobs report last Friday and investors are awaiting fresh cues from the Fed about how signs of a slowing economy and high inflation levels may influence their plans to adjust monetary stimulus measures.
The US central bank is due to release its latest Beige Book report at 2.00pm ET, which should give more clues as to the current state of the US economy.
On the corporate front, biopharma group Kadmon Holdings shares soared higher after it agreed to be acquired by Paris-based healthcare firm Sanofi for $1.9 billion.
Elsewhere, Bitcoin fell again having plunged about 10% on Tuesday as moves by El Salvador to make the cryptocurrency legal tender caused some wobbles.
Neil Wilson, chief market analyst at Markets.com commented: "It’s almost as if the inherent volatility in Bitcoin makes it really bad at being a currency that people use to spend and save. After hitting a fresh high above $52,000 overnight, prices dropped to under $44,000 before finding some stability around the $45,000 area. Not a good start to its life in the mainstream. It simply underscores the fact that it is not a good means of payment or reliable store of value. The El Salvadoran government apparently bought more Bitcoin on the dip."
Wilson added: "Cathie Wood of Ark was talking on Bitcoin – responding to comments by investor John Paulson. She wheeled out the Bitcoin-bro case that it’s not just digital gold, it’s new global monetary system. She said it’s not subject to the whims of policymakers – in fact it’s a hedge against the whims of policymakers. That may be or may not be, investors should be extremely cautious. The impoverished people of El Salvador don’t have much choice."