It looks like your browser is not up to date.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

US close: Major indices end session lower despite tech reversal

Tue 11 May 2021 22:24 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7134.06 | Positive 45.88 (0.65%)
Graph

Prices delayed by at least 15 minutes

(Sharecast News) - Wall Street stocks closed lower on Tuesday despite big-name tech stocks staging a late reversal.

At the close, the Dow Jones Industrial Average was down 1.36% at 34,269.16, while the S&P 500 was 0.87% softer at 4,152.10 and the Nasdaq Composite saw out the session 0.09% weaker at 13,389.43.

The Dow closed 473.66 points lower on Tuesday, extending losses recorded on Monday as last week's ransomware attack on a major US fuel pipeline and a rotation out of growth stocks both dominated headlines.

In focus throughout the session, big tech stocks were again in the red early in the day, with shares in Facebook, Apple and Amazon all moving lower before paring losses later, while Tesla shares slumped following a report from Reuters that claimed the electric carmaker had halted plans to expand its Shanghai plant into an export hub.

Elsewhere in the corporate space, Hanesbrands said first-quarter net sales had shot up 25% to $1.51bn on the back of double-digit growth in both its global innerwear and activewear businesses, while Electronic Arts earnings forecasts fell short of expectations on the Street,

On the macro front, both small and large US businesses moved to increase wages and benefits as part of an effort to attract workers amid rising demand for their goods and services, according to the National Federation of Independent Business' small-business optimism, which index advanced 1.6 points in April to a pandemic-era high of 99.8. However, the reading was one point shy of the 100.8 print expected by economists.

Elsewhere, March's JOLTs job openings report came in ahead of expectations for a print of 7.5m at 8.12m, according to the Bureau of Labor Statistics. Hires were little changed at 6.0m, as were total separations at 5.3m. The layoffs and discharges rate decreased to a series low of 1.0%.

    Daily market update emails

    • FTSE 100 riser and faller updates
    • Breaking market news, plus the latest share research, tips and broker comments

    Register now for free market updates

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.