Nasdaq edges to record on mostly down day for US stocks

NEW YORK – The Nasdaq eked out another record on Tuesday (Sept 7) on a generally negative day for US stocks as markets grappled with lingering worries about rising coronavirus cases.

Analysts cited fears of economic fallout from the Delta variant of Covid-19 as a factor in the session’s lacklustre performance. Those anxieties have been exacerbated by disappointing jobs data released last week.

“There could be a carry over of concern because of the weakness regarding Friday’s employment data,” said CFRA Research’s Sam Stovall.

A Sachs note trimmed the forecast for third-quarter consumption growth, citing the Delta variant and fading levels of fiscal support to consumers after earlier packages from Washington boosted spending.

Markets are monitoring for impacts from the expiration of federal aid programs for workers unemployed due to Covid-19. The programs expired on Sept 6.

The Dow Jones Industrial Average ended down 0.8 per cent at 35,100.00.

The broad-based S&P 500 shed 0.3 per cent to 4,520.03, while the tech- Nasdaq Composite Index added 0.1 per cent to 15,374.33, eking out a fourth straight record.

Among individual companies, Boeing fell 1.8 per cent after Irish carrier Ryanair announced it was ending talks with the aerospace giant over additional planes because the two companies could not agree on a price.

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