In this file photo the US flag is seen at the New York Stock Exchange on April 30, 2020 in New York City. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.7 per cent at 26,103.78. — AFP pic
NEW YORK, July 7 — Wall Street stocks were mostly down early today, giving back some of the recent gains in a market that has appeared resilient despite surging US coronavirus cases.The broad-based S&P 500 shed 0.3 per cent to 3,171.12, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 10,451.18.
Major US indices gained more than 1.5 per cent yesterday, with the Nasdaq finishing at a fresh record, betting that continued stimulus from Washington and the trend of the reopening economy would more than offset rising Covid-19 counts in Texas, Florida and other US states.Investors are beginning to focus on the upcoming second-quarter earnings period, which begins in earnest next week.
Companies in the S&P 500 are projected to suffer an average 43.8 per cent drop in profits during a period devastated by coronavirus shutdowns, according to Factset. — AFP