Dow drops over 250 points | Wells Fargo shutters personal lines of credit | Cramer’s ‘buy list’ contenders

THU, JUL 08, 2021

EVENING BRIEF

AS OF THU, JUL 08, 2021 • 05:12 ET

DJIA		34421.93
		-0.75%	-259.86

S&P 500		4320.82
		-0.86%	-37.31

NASDAQ		14559.79
		-0.72%	-105.28

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	143.24	-1.33	-0.92%
MSFT	277.42	-2.51	-0.90%
INTC	55.39	-0.57	-1.02%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	143.24	-1.33	-0.92%
F	14.06	-0.17	-1.19%
GE	12.87	-0.11	-0.85%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	143.24	-1.33	-0.92%
AMD	89.74	-0.80	-0.88%
MSFT	277.42	-2.51	-0.90%

EDITOR'S NOTE

U.S. stocks sold off on Thursday as investors pulled back amid creeping concerns about the economy's recovery. The Dow Jones Industrial Average dropped 259.86 points, or 0.7%, while the S&P 500 lost 0.8%. The Nasdaq Composite followed suit with a decline of 0.7%.

All 11 S&P sectors finished the day in the red, with financials leading the downside. Industrials and materials were also among the notable laggards as investor optimism about a rebound in economic activity cooled.

BlackRock, the world's largest financial asset manager, dropped 2.7%, while Wells Fargo shed nearly 2.5%. Rail company Union Pacific dipped 4.3% and gravel producer Martin Marietta lost 1.3%.

Though the major indexes managed to close above their session lows, some on Wall Street pointed to concerns about the spread of new Covid variants for the day's pessimism.

"This looks like a short-term reaction to recent concerns about the delta variant more than anything else," wrote Brad McMillan, chief investment officer for Commonwealth Financial Network.

Yields on U.S. debt continued their slide on Thursday, with the rate on the benchmark 10-year Treasury note falling as low as 1.25%. That yield is the note's lowest since February.

"Given that vaccinations are limiting case growth, which should keep the country open for business, the economic risks are likely limited," McMillan added. "Also, with interest rates still low, which should support valuations, and with earnings likely to grow sharply again this quarter, any further downside is likely to be limited."