Stocks slip as economic growth concerns linger
Job openings hit a record 10.9M
US economy not at recession risk 'anytime soon': Portfolio manager
Federated Hermes portfolio manager Steve Chiavarone discusses his outlook for the economy and Fed.
U.S. stock indexes slipped Wednesday as investors expressed skepticism over the strength of the U.S. economy.
The Dow Jones Industrial Average fell 69 points, or 0.2%, while the S&P 500 index and the Nasdaq Composite index declined 0.13% and 0.57%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43389.6 | -55.39 | -0.13% |
| SP500 | S&P 500 | 5893.62 | +23.00 | +0.39% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18791.806377 | +111.69 | +0.60% |
The losses came a day after the Nasdaq notched a fourth straight close in record territory. Markets have been on shaky ground after Friday’s underwhelming August jobs report.
Economic data out Wednesday showed the number of job openings in the U.S. hit a record 10.9 million in July.
In stocks, PayPal Holdings Inc. has agreed to buy Japan-based buy now, pay later company Paidy in a $2.7 billion deal that is made up mostly of cash.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 84.67 | -1.16 | -1.35% |
Tesla Inc.’s China sales surged 49% in August to 12,885 vehicles, according to the China Passenger Car Association. The company sold 44,264 China-made vehicles and an additional 31,379 China-made vehicles that were exported elsewhere.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 338.74 | +18.02 | +5.62% |
Coinbase Global Inc. was last week informed by the U.S. Securities and Exchange Commission that it could sue the crypto exchange over its interest-earning product called Coinbase Lend, the company disclosed in a blog post Tuesday evening. The product’s launch has been delayed until at least October.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 325.41 | +19.56 | +6.40% |
Coty Inc. was sharply lower after the company priced a 50 million-share secondary offering by private equity firm KKR at $8.53 per share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COTY | COTY INC. | 7.07 | -0.13 | -1.81% |
GameStop Corp. is set to release its quarterly results after Wednesday’s closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 26.44 | -0.15 | -0.56% |
In commodities, West Texas Intermediate crude oil jumped 95 cents to $69.30 per barrel and gold slipped $5.20 to $1,790.70 an ounce.
Overseas markets were mostly lower.
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European bourses were weaker across the board with Germany’s DAX 30 sliding 1.47%, Britain’s FTSE 100 weaker by 0.75% and France’s CAC 30 down 0.85%.
In Asia, Hong Kong’s Hang Seng index and China’s Shanghai Composite slipped 0.12% and 0.04%, respectively, while Japan’s Nikkei 225 rose 0.89%.