US open: Stocks dip in early trading, analysts sound cautious note

by | Sep 7, 2021

Investors on Wall Street were exhibiting caution upon their return from the long Labor Day weekend.
As of 1506 BST, the Dow Jones Industrials was down 0.54% to 35,175.05, alongside a 0.32% dip to 4,520.13 on the S&P 500.

The Nasdaq Composite meanwhile was drifting lower by 0.07% to 15,355.25.

In parallel, the yield on the benchmark 10-year US Treasury note was trading five basis points higher to 1.38% and front month WTI was down 0.4% to $68.67 a barrel.

Jeffrey Halley, senior market analyst, Asia Pacific, at Oanda, was keen to see whether the benign reaction to last Friday’s softer than anticipated non-farm payrolls report held.

“I was pretty surprised and more than a little suspicious of the muted reaction across asset classes after the terrible Non-Farm Payrolls,” he said.

“I am more than a little suspicious that many market participants were already out of the door for the long weekend.”

Taking a similar tack, equity strategists at Morgan Stanley saw fit to downgrade their stance for US stocks to ‘underweight’ due to the “outsized” risks to growth, policy and the legislative agenda over the next two months.

All in all however, Morgan Stanley believed that there was too much growth pessimism about.

Over at Citi meanwhile, their strategists were calling attention to what they termed “extended and very one-sided” net long positioning in US equities which could magnify any correction in stock prices.

In corporate news, Thoughtworks set the terms of its initial public offering valuing the firm at $6.1bn.

Sportrader Group AG announced its intention to sell 19m shares at between $25-28 each as part of its flotation on the Nasdaq.

On the merger and acquisitions front, Columbia Property Trust announced that it was to be acquired by PIMCO managed funds in a transaction worth $3.9bn.

In parallel, State Street unveiled its plans to buy Brown Brothers Harriman’s investor services business for $3.5bn.

Dow Jones – Risers

Apple Inc. (AAPL) $155.74 0.93%
Visa Inc. (V) $227.08 0.88%
JP Morgan Chase & Co. (JPM) $160.88 0.87%
Goldman Sachs Group Inc. (GS) $413.40 0.51%
Intel Corp. (INTC) $53.58 0.13%
American Express Co. (AXP) $159.48 0.11%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Chevron Corp. (CVX) $97.47 -0.02%
Dow Chemical Co. (DOW) $62.05 -0.11%

Dow Jones – Fallers

3M Co. (MMM) $189.65 -2.44%
Merck & Co. Inc. (MRK) $75.68 -2.05%
Boeing Co. (BA) $213.74 -2.03%
Amgen Inc. (AMGN) $222.00 -1.93%
Johnson & Johnson (JNJ) $172.75 -1.31%
Coca-Cola Co. (KO) $56.18 -0.97%
Salesforce.Com Inc. (CRM) $264.75 -0.87%
Travelers Company Inc. (TRV) $157.82 -0.85%
McDonald’s Corp. (MCD) $236.93 -0.79%
Walmart Inc. (WMT) $148.08 -0.78%

S&P 500 – Risers

Arconic Inc. (ARNC) $35.76 4.32%
Svb Financial Group (SIVB) $588.09 2.90%
HollyFrontier Corp (HFC) $31.51 2.54%
Alliance Data Systems Corp. (ADS) $96.81 2.23%
Netflix Inc. (NFLX) $603.33 2.17%
National Oilwell Varco Inc. (NOV) $13.23 2.16%
Comerica Inc. (CMA) $73.78 2.03%
Marathon Petroleum Corporation (MPC) $59.39 1.97%
Valero Energy Corp. (VLO) $65.93 1.91%
Unum Group (UNM) $26.88 1.78%

S&P 500 – Fallers

Deere & Co. (DE) $372.70 -4.27%
Activision Blizzard Inc. (ATVI) $78.28 -3.57%
VF Corp. (VFC) $73.55 -3.52%
Illinois Tool Works Inc. (ITW) $222.54 -2.62%
Lam Research Corp. (LRCX) $594.90 -2.59%
Idexx Laboratories Inc. (IDXX) $670.64 -2.57%
PPG Industries Inc. (PPG) $151.78 -2.49%
3M Co. (MMM) $189.65 -2.44%
Stanley Black & Decker Inc. (SWK) $186.64 -2.33%
Illumina Inc. (ILMN) $456.12 -2.32%

Nasdaq 100 – Risers

NetEase Inc. Ads (NTES) $96.89 4.19%
Trip.com Group Limited (TCOM) $32.67 3.96%
Baidu Inc. (BIDU) $168.57 3.43%
JD.com, Inc. (JD) $82.26 3.02%
Tesla Inc (TSLA) $754.71 2.88%
Netflix Inc. (NFLX) $603.33 2.17%
Wynn Resorts Ltd. (WYNN) $101.73 1.43%
Expedia Group Inc. (EXPE) $144.64 1.40%
Hasbro Inc (HAS) $100.70 1.35%
Liberty Global plc Series A (LBTYA) $28.96 1.05%

Nasdaq 100 – Fallers

Biomarin Pharmaceutical Inc. (BMRN) $79.76 -6.11%
Activision Blizzard Inc. (ATVI) $78.28 -3.57%
Lam Research Corp. (LRCX) $594.90 -2.59%
Idexx Laboratories Inc. (IDXX) $670.64 -2.57%
Illumina Inc. (ILMN) $456.12 -2.32%
Regeneron Pharmaceuticals Inc. (REGN) $665.33 -2.10%
Vertex Pharmaceuticals Inc. (VRTX) $194.18 -1.95%
eBay Inc. (EBAY) $75.05 -1.93%
Amgen Inc. (AMGN) $222.00 -1.93%
Gilead Sciences Inc. (GILD) $70.69 -1.76%

Related articles

US open: New trading year starts with early losses

US open: New trading year starts with early losses

(Sharecast News) - Wall Street stocks were in the red early on Tuesday as the market comes off an unexpectedly strong year for major indices. As of 1525 GMT, the Dow Jones Industrial Average was down 0.05% at 37,672.04, while the S&P 500 fell 0.64% to 4,739.54 and the...

US open: Stocks flat going into final session of 2023

US open: Stocks flat going into final session of 2023

(Sharecast News) - Wall Street stocks were little changed at the beginning of the final session of 2023 as traders prepared to wrap up a banner month, quarter, and year for stocks. As of 1520 GMT, the Dow Jones Industrial Average and S&P 500 were both up 0.01% at...

US open: Dow Jones continues to march higher

US open: Dow Jones continues to march higher

(Sharecast News) - Wall Street stocks were mixed at the opening bell on Wednesday as the S&P 500 neared an all-time high. As of 1520 GMT, the Dow Jones Industrial Average was up 0.14% at 37,596.15, while the S&P 500 was down 0.06% at 4,772.00 and the Nasdaq Composite...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x