Nasdaq hits record, Boeing weighs down Dow

U.S. stocks were mixed Tuesday as traders returned to work following Labor Day weekend and assessed unemployment benefits that expired for over 7 million Americans and the impact on the U.S. economy.

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The Dow Jones Industrial Average fell 267 points or 0.76%, while the S&P 500 declined 0.34% and the Nasdaq Composite edged up 0.07%. The small gain in the Nasdaq propelled the tech-heavy index to its fourth straight all-time closing high.

The $300 per week in supplemental unemployment benefits expired over the weekend in the 25 states that had not yet ended the payments. The program’s expiration came as economists at Goldman Sachs slashed their growth outlook for this year.

Bond yields continued to climb after rising in the wake of last week’s disappointing jobs report. The benchmark 10-year yield was up five basis points at 1.37% after advancing three basis points on Friday.

In stocks, financials, including JPMorgan Chase & Co, Bank of America Corp. and Citigroup Inc., were mixed as rising bond yields swung the yield curve steeper.

Moderna Inc. shares fell on speculation its COVID-19 booster shoot will not be approved by the FDA in time for the government’s Sept. 20 planned push, while Pfizer Inc. and BioNTech SE’s version is expected to meet the deadline.

Elsewhere, Dow heavyweight Boeing Co. was in focus after The Wall Street Journal reported 787 Dreamliner deliveries would likely be delayed until at least October as it awaits regulatory approval. Separately, Irish low-cost carrier Ryanair Holdings plc, Boeing’s biggest customer outside of the U.S., said it will not make a new order for 737 Max jets due to a dispute over pricing.

Meanwhile, Match Group Inc., the parent company of dating app Tinder, will join the S&P 500, replacing private-label pharmaceutical manufacturer Perrigo Company plc, S&P Dow Jones Indices said.

In deals, Pimco agreed to buy Columbia Property Trust Inc. for $2.2 billion.

In earnings, GameStop Corp. and Kroger Co. are among the companies set to report earnings later in the week.

In commodities, West Texas Intermediate crude oil slid 94 cents to $68.35 a barrel and gold lost $35 to $1,795.90 an ounce.

Overseas markets were mixed.

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European bourses were lower across the board, with Germany’s DAX 30 falling 0.56% and France’s CAC 40 slipping 0.26% despite eurozone growth being revised higher. Elsewhere, Britain’s FTSE 100 declined 0.53%.

In Asia, Hong Kong’s Hang Seng index jumped 0.73%, Japan’s Nikkei 225 climbed 0.86% and China’s Shanghai Composite surged 1.51%.

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