Stock Market News for Sep 1, 2021 – Zacks
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Benchmarks closed in the red on Tuesday as investors await jobs data for August scheduled for release on Sep 3 to trace when the Federal Reserve may begin tapering its bond purchases.
Of the 11 major sectors of the broader index, seven ended in the red, led by 0.7% and 0.6% decline in energy and technology sectors, respectively.
The S&P 500 posted 43 new 52-week highs and one new low, while the Nasdaq Composite recorded 119 new highs and 23 new lows.
Investors held back on the last day of August, waiting for US jobs data scheduled for release on Sep 3 to find pointers as to when the Federal Reserve may begin tapering its $120 billion of monthly bond purchases which have helped to support markets during the pandemic.
The report also stated that July’s consumer confidence was downwardly revised to 125.1. August’s decline puts consumer confidence at a six-month low, due to the rapid spread of the delta variant and surge in commodity prices, especially gasoline and grocery.
Additionally, the S&P CoreLogic Case-Shiller Home Price Index showed that home prices increased 18.6% from a year ago in June, the third consecutive month of record growth.
The delta variant of coronavirus has raised concerns about the path for the economic recovery in August, despite that the S&P 500 had a strong run, marking its seventh-straight month of gains standing just below all-time highs.
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