Wall Street eases as caution rises over earnings; financials down

Record ID: 1641008

  • Title: Wall Street eases as caution rises over earnings; financials down
  • Date: 11th October 2021
  • Summary: SUMMIT, NEW JERSEY, UNITED STATES (OCTOBER 11, 2021) (REUTERS) (SOUNDBITE) (English) PEAPACK PRIVATE WEALTH MANAGEMENT, SENIOR PORTFOLIO STRATEGIST, DAVID DIETZE, SAYING: "So I think we have to remember that there's lighter participation today, of course, the bond market is closed, so I think worries carry... moves carry less significance. Having said that, I think what's weighing on people's mind a couple of things. One is, we saw weakness in growth, particularly in employment growth on Friday. The job creation numbers were very disappointing, even though the unemployment rate came down. So there's some concerns as to the pace of the recovery here. At the same time, however, we are still worried about where inflation is going, and we're going to get a couple key metrics on inflation later on this week. And I think a lot of traders want to just hold back a little bit until they see how bad those numbers are, because the worst thing that could happen to markets is the so-called 'stagflation' where the economy is not revving up, you're not seeing a lot of growth, but you're seeing some severe price increases, and that's kind of the worst of all worlds. We're not expecting that. We don't think that's our base case, but it's something I think that investors are focusing on today."
  • Embargoed: 25th October 2021 21:07
  • 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, + SUMMIT, NEW JERSEY, UNITED STATES
  • City: NEW YORK, NEW YORK, + SUMMIT, NEW JERSEY, UNITED STATES
  • Country: USA
  • Topics: Economic Events,Equities Markets,United States
  • Reuters ID: LVA002EYPTUFB
  • Aspect Ratio: 16:9
  • Story Text:U.S. stocks ended a choppy session lower on Monday (October 11) as investors grew more nervous ahead of the third-quarter earnings reporting season.
    According to preliminary data, the S&P 500 lost 30.56 points, or 0.70%, to end at 4,360.78 points, while the Nasdaq Composite lost 95.94 points, or 0.66%, to 14,483.60.
    The Dow Jones Industrial Average fell 252.12 points, or 0.73%, to 34,494.13.
    (Production: Aleksandra Michalska, Fred Katayama)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register