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Sept. 8, 2021, 4:29 p.m. EDT

Dow, S&P 500 end lower for 3rd day as roaring U.S. economic growth moderates

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By Mark DeCambre and Joy Wiltermuth

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“A delay that calls into question the federal government’s ability to meet all its obligations would likely cause irreparable damage to the U.S. economy and global financial markets,” Yellen wrote.

Read: Debt limit, social spending, infrastructure battles loom in ‘uniquely frenetic period’ for Congress

New York Fed President John Williams said Wednesday that the U.S. labor market hasn’t seen the “substantial” progress necessary for the central bank to slow down its massive $120 billion in monthly bond purchases, but he expects reduced monthly purchases to start later this year.

St. Louis Fed President Bullard also reiterated in a Wednesday interview with the Financial Times that he expects tapering to start later this year and to end sometime by the first half of next year.

In other economic data, job openings rose to a record 10.9 million in July,  the Labor Department said Wednesday , marking the fifth straight all-time monthly high and exceeding forecasts for a rise of 10 million. Job hires, however, slipped by 160,000 to 6.7 million in July. Separations rose 174,000 to 5.8 million.

While some strategists remain optimistic about the outlook for markets, investors also have been advised to be more discerning.

“The best days of cyclical value may be behind us, but it’s too early to turn fully to defensive themes. We are sticking with the reflation trade, but with a focus on identifying companies likely to experience upward earnings revisions,” wrote Lauren Goodwin, economist and portfolio strategist at New York Life Investments in a note published Wednesday.  

“We favor a global allocation, with an overweight to international developed equity. Value and small cap equities, with a focus on quality companies, should continue to thrive,” the strategist wrote.

Read: Stocks may fall 15% by year-end, warns Morgan Stanley. Here are some portfolio moves investors might consider.

Which companies were in focus?

How did other assets trade?

  • The yield on the 10-year U.S. Treasury note  /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.23% slipped nearly 3.7 basis point to 1.333%. Yields move in the opposite direction of prices.

  • The ICE U.S. Dollar Index  /zigman2/quotes/210598269/delayed DXY -0.04% , a measure of the currency against a basket of six major rivals, rose 0.2%.

  • Oil futures rose, with the U.S. benchmark  /zigman2/quotes/209723049/delayed CL00 +0.41% advancing 1.4% to close at $69.30 a barrel on the New York Mercantile Exchange. Gold futures  /zigman2/quotes/210034565/delayed GC00 +0.43% fell 0.3% to settle at $1,793.50 an ounce.

  • European equities closed lower, with the Stoxx Europe 600  /zigman2/quotes/210599654/delayed XX:SXXP +1.71% down 1.1% and the FTSE 100  /zigman2/quotes/210598409/delayed UK:UKX +1.55% ending Wednesday’s session off 0.8%. The European Central Bank will meet Thursday, and economists expect a modest reduction in the rate of bond purchases.

  • In Asia, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.36%  rose 1.5%, while the Hang Seng Index  /zigman2/quotes/210598030/delayed HK:HSI +0.78% slipped 0.1% and Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.41%  advanced 0.9%.

 Barbara Kollmeyer contributed reporting

/zigman2/quotes/209008733/composite
US : U.S.: NYSE
$ 100.99
+0.89 +0.89%
Volume: 93,925
Dec. 1, 2021 1:15p
P/E Ratio
28.52
Dividend Yield
1.66%
Market Cap
$4.26 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 185.57
-10.65 -5.43%
Volume: 808,064
Dec. 1, 2021 1:17p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$15.01 billion
Rev. per Employee
$424,150
loading...
/zigman2/quotes/204905836/composite
US : U.S.: NYSE
$ 39.51
+0.38 +0.97%
Volume: 32.18M
Dec. 1, 2021 1:17p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$64.12 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.45
-0.0033 -0.23%
Volume: 0.00
Dec. 1, 2021 1:17p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
95.96
-0.04 -0.04%
Volume: 0.00
Dec. 1, 2021 1:07p
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 66.45
+0.27 +0.41%
Volume: 437,172
Dec. 1, 2021 1:07p
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,784.10
+7.60 +0.43%
Volume: 149,594
Dec. 1, 2021 1:07p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
470.86
+7.90 +1.71%
Volume: 0.00
Dec. 1, 2021 5:50p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,168.68
+109.23 +1.55%
Volume: 710,158
Dec. 1, 2021 4:59p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,576.89
+13.00 +0.36%
Volume: 32.99B
Dec. 1, 2021 3:02p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,658.92
+183.66 +0.78%
Volume: 2.12M
Dec. 1, 2021 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,935.62
+113.86 +0.41%
Volume: 0.00
Dec. 1, 2021 3:15p
loading...

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