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  3. US markets end lower amid global economic recovery concerns

US markets end lower amid global economic recovery concerns

09 Jul 2021 Evaluate

The US markets ended lower on Thursday on concerns about the global economic comeback from Covid-19. The US economy has recovered strongly from the pandemic-induced slump, but the rapid spread of variants in other parts of the world has raised concerns about a global slowdown. The losses also came as Japan declared a state of emergency in Tokyo for the upcoming Olympics and as countries deal with a rebound in cases due to Covid variants. Adding to the negative sentiment on Markets, the Labor Department released a report showing initial jobless claims unexpectedly inched higher in the week ended July 3rd. The Labor Department said initial jobless claims crept up to 373,000, an increase of 2,000 from the previous week's revised level of 371,000.  The uptick surprised participants, who had expected jobless claims to drop to 350,000 from the 364,000 originally reported for the previous week.

Besides, the weakness on Wall Street also came amid a continued slump in US treasury yields, with the yield on the benchmark ten-year note once again falling to its lowest levels since February. On the sectoral front, transportation stocks moved sharply lower on the day, dragging the Dow Jones Transportation Average down by 3.3 percent to its lowest closing level in well over three months. Significant weakness was also visible among gold stocks, as reflected by the 2.8 percent slump by the NYSE Arca Gold Bugs Index. The weakness among gold stocks came amid a downturn by the price of the precious metal, with gold for August delivery slipping $1.90 to $1,800.20 an ounce after reaching a high of $1,819.50 an ounce. Housing stocks also saw considerable weakness on the day, resulting in a 2.7 percent drop by the Philadelphia Housing Sector Index.

Dow Jones Industrial Average fell 259.86 points or 0.75 percent to 34,421.93, Nasdaq dropped 105.28 points or 0.72 percent to 14,559.79 and S&P 500 was down by 37.31 points or 0.86 percent to 4,320.82.

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