US Stocks Slipped, but S&P 500 Ended August with Gains

US Stocks Slipped, but S&P 500 Ended August with Gains

On Tuesday, US stocks slipped yet stayed near their record highs as investors took hints from Fed’s supportive attitude. 

The benchmark S&P 500 edged down 0.13% to $4,522.68 per share as it poised for the seventh straight month of gains in August.

Similarly, the Dow Jones Industrial Average plummeted 0.11% to $35,360.73 per share as the Nasdaq plunged 0.04% to $15,259.24 per share.

Consequently, six major S&P 500 sectors retreated as technology and materials bottomed the list.

Nasdaq’s Apple Inc. also inched down to 0.84% after hitting a lifetime high in the last session.

Moreover, Zoom Video Communications Inc. sharply fell 16.69% to $289.50 per share as the video-conferencing services demand rapidly eased.

S&P 500 rose 3% in August as it paved its way to the longest monthly winning streak since 2018.

Likewise, Nasdaq and the DJIA futures closed a positive August, soaring 4.00% and 1.30%, respectively.

Experts noted that the recent strong economic recovery and corporate earnings growth uplifted the US stock markets in August.

However, market participants are concerned with the rapid increase of coronavirus cases and the uncertain timeline of Fed policy.

Still, experts believed that the S&P 500 could end this year not far from its current level.

Furthermore, investors turned their attention to the release of US payrolls data this week. The awaited data could affect the Fed’s decision at its September policy meeting.

Meanwhile, the energy sector index levelled as US crude prices dropped.

Hurricane Ida disruption brought fallout to companies, while US West Texas Intermediate fell to near its first monthly loss.

Furthermore, the S&P 500 reported 37 new 52-week highs and no new lows, while Nasdaq posted 100 new highs and 18 new lows.

Nasdaq 100 Mixed, NetEase Inc. Topped Gains

Nasdaq 100 futures mixed as NetEase Inc. led the Gains with an 8.70% increase to $97.42 per share.

Shares of the online gaming company soared after it reported its second-quarter earnings.

Consequently, Group Ltd followed the lead as it edged up 6.65% to $30.49 per share. The China-based online travel company posted a market cap of 18.22 billion.

Similarly, Pinduoduo Inc., an agricultural-focused tech firm, boosted 5.31% to $100.02 per share.

On the other hand, Nasdaq’s Walgreens Boots Alliance Inc soared 4.36% to $50.75 per share.

Last Tuesday, the pharmacy chain announced a raise in the minimum wage of all its staff to $15 an hour starting in October.

Meanwhile, NXP Semiconductors NV fell to the bottom with a 5.50% loss to $215.13 per share.

Likewise, Lululemon Athletica Inc and DocuSign Inc plummeted, with 3.46% and 2.44% losses, respectively.