- Title: Tech pulls Nasdaq to lower close as Treasury yields rise
- Date: 27th September 2021
- Summary: HOLMDEL, NEW JERSEY, UNITED STATES, UNITED STATES (SEPTEMBER 27, 2021) (REUTERS) (SOUNDBITE) (English) KRAMER CAPITAL RESEARCH, CHIEF INVESTMENT OFFICER, HILARY KRAMER, SAYING: "The good news is there's plenty of liquidity in the market, but the bad news is that inflation has really reared its ugly head and having 62 ships backed up in the Port of Los Angeles alone tells you that it's a very difficult time with companies trying to get products to market. This is really serious because at this point, what was expected to hit the shelves Christmas, the holiday time, which is always traditionally the biggest and the best, it's not happening this year, and it won't happen. Also, this is money. It costs money for these ships to have stuff on them and not be able to unload and head back. We don't have enough truck drivers. We don't have enough ways to transport things. All of that is due to inflationary pressures. And inflation is going to really throw a wrench into the stock market going forward, as well as a number of other reasons that could create an overhang as we look at the the greater market. Of course, there's always perfect... there's always stocks that are going to have perfect performance even in the worst of times. But we're going into a time where it's definitely a stock pickers market."
- Embargoed: 11th October 2021 21:25
- Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, NEW YORK, + HOLMDEL, NEW JERSEY, UNITED STATES
- City: NEW YORK, NEW YORK, + HOLMDEL, NEW JERSEY, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EWHYJIF
- Aspect Ratio: 16:9
- Story Text: Wall Street ended mixed on Monday (September 27) as investors began the last week of September and the quarter with a pivot to value as tech shares, hurt by rising Treasury yields, weighed on the Nasdaq Composite index.
Unofficially, the Dow Jones Industrial Average rose 72.95 points, or 0.21%, to 34,870.95, the S&P 500 lost 12.27 points, or 0.28%, to 4,443.21 and the Nasdaq Composite dropped 75.77 points, or 0.5%, to 14,971.93.
(Production: Aleksandra Michalska, Chris Dignam) - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
