The US stocks were mixed on Wednesday, 05 May 2021, with the Dow Jones Industrial Average and the S&P 500 indexes settling higher, while the Nasdaq Composite closed lower, as the latest U. S. economic data pointed to continued strength in the US economy.
At the close of trade, the Dow Jones Industrial Average index inclined 97.31 points, or 0.29%, to 34,230. The S&P 500 index was up 2.93 points, or 0.07%, at 4,168. The tech-heavy Nasdaq Composite Index fell 51.08 points, or 0.37%, to 13,582.
Total five of the 11 major S&P 500 sectors rose Energy and materials, industrials, and financial led sectoral advances, while defensive utilities and real estate led sectoral declines.
Shares of Peloton Interactive plunged after announcing it will voluntarily recall two versions of its treadmills. The decision comes in cooperation with the US Consumer Product Safety Commission following reports of injuries and one death.
Shares of Moderna and Pfizer also slipped after the US said it will support a proposal to waive intellectual property protections for coronavirus vaccines.
Technology stocks fell for fourth straight day. Megacap technology companies including Amazon.com Inc and Facebook Inc and Alphabet Inc were down over 1%.
ECONOMIC NEWS: US private sector job growth accelerated in the month of April, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment spiked by 742,000 jobs in April after surging by an upwardly revised 565,000 jobs in March. The report showed notable job growth in the goods-producing sector, which added 106,000 jobs amid increases in both manufacturing and construction jobs. Employment in the service-providing sector also shot up by 636,000 jobs, with the addition of 237,000 leisure and hospitality jobs helping lead the way higher.
The Institute for Supply Management also released a report showing its services PMI edged down to 62.7 in April after jumping to an all-time high of 63.7 in March. A reading above 50 still indicates growth in the service sector. The unexpected drop by the services index comes after the ISM released a separate report earlier this week showing an unexpected slowdown in the pace of growth in U. S. manufacturing activity.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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