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US open: Stocks mixed as Covid-19 concerns weigh on reopening plays

Tue 03 August 2021 15:32 | A A A

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(Sharecast News) - Wall Street stocks were mixed early on Tuesday as Covid-19 concerns weighed on reopening plays.

As of 1520 BST, the Dow Jones Industrial Average was up 0.07% at 34,862.24, while the S&P 500 was down 0.04% at 4,385.50 and the Nasdaq Composite started out the session 0.34% weaker at 14,631.72.

The Dow opened 24.08 points lower on Friday amid concerns around slowing economic growth.

In focus early on Tuesday, the yield on the benchmark 10-year Treasury note slipped to 1.167% after having almost hit a five-month low on Monday, reflecting concerns about slowing economic growth.

Oil prices also continued on their downward trajectory, with West Texas Intermediate futures dropping below $70.0 per barrel.

The rapidly spreading Covid-19 Delta variant was also continuing to draw an amount of investor attention, with the seven-day average of daily coronavirus cases in the US reaching 72,790 last week, surpassing last summer's peak.

Reopening plays were in the red on Tuesday, with the likes of Carnival, American Airlines and Delta all trading lower at the open.

On the macro front, new orders for US factory-made goods rose $1.5% to $506.0bn in June, according to the Census Bureau.

Still to come, Federal Reserve vice chairman Richard Clarida will deliver a speech at 1900 BST.

In the corporate space, Under Armour beat second-quarter earnings estimates, DuPont raised its full-year guidance for a second time this year and Clorox stock slumped on the back of a weak earnings report.

Still to come, Lyft will report earnings after the close on Tuesday.

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