The US stocks finished session mostly lower on Monday, 02 August 2021, after relinquishing early gains, as persistent concerns about the spread of the delta variant of the coronavirus and a slowing U. S. economy after weaker than expected manufacturing activity data overshadowed optimism from a $1 trillion infrastructure bill and strong second-quarter corporate earnings.
At the close of trade, the Dow Jones Industrial Average index declined 97.31 points, or 0.28%, to 34,838.16. The S&P 500 index decreased 8.10 points, or 0.18%, to 4,387.16. The tech-heavy Nasdaq Composite Index was up 8.39 points, or 0.06%, to 14,681.07.
Total 7 of 11 S&P 500 sectors declined, with materials (down 1.17%) sector was worst performer, followed by industrials (down 0.72%), energy, (down 0.71%), and information technology (down 0.37%) sectors, while utilities (up 0.75%), was top gainer, followed by consumer discretionary (up 0.28%) sector.
Top five advancing stocks were Ever-Glory International Group Inc. (up 124.8%), Dolphin Entertainment Inc. (up 55.9%), Infinity Pharmaceuticals Inc. (up 35.2%), Atlas Technical Consultants Inc. (up 27.9%), and 1stdibs.com Inc. (up 27.4%), while bottom five declining stocks included E-Home Household Service Holdings (down 28.3%), Immunovant Inc. (down 26%), OptimumBank Holdings Inc. (down 23.2%), TG Therapeutics Inc. (down 21.6%), and EVgo Inc. Cl A (down 16.2%).
The early strength on Wall Street partly generated after a bipartisan group of Senators unveiled a nearly $1 trillion infrastructure package. Senate Majority Leader Chuck Schumer, D-N. Y., said he believes the Senate will vote to approve the massive bill in a matter of days.
However, buying interest waned over the course of the session after a report from the Institute for Supply Management showed an unexpected slowdown in the pace of growth in U. S. manufacturing activity in the month of July.
ECONOMIC NEWS: US ISM Manufacturing PMI Slows Slightly In July- US manufacturing PMI dipped to 59.5 in July from 60.6 in June, according to a report released by the Institute for Supply Management on Monday. While a reading above 50 still indicates growth in the manufacturing sector. With the unexpected decrease, the manufacturing PMI pulled back further off the 37-year high of 64.7 reached in March and fell to its lowest level since hitting 58.7 in January.
US Construction Spending Recovers 0.1% In June- US construction spending inched up by 0.1% to an annual rate of $1.552 trillion in June after edging down by 0.2% to a revised rate of $1.551 trillion in May, a report released by the Commerce Department on Monday showed. The uptick in construction spending came as spending on private construction rose by 0.4% to an annual rate of $1.215 trillion. Spending on residential construction jumped by 1.1% to a rate of $763.4 billion, more than offsetting a 0.7% drop in spending on non-residential construction to a rate of $451.8 billion. Meanwhile, the report said spending on public construction tumbled by 1.2% to an annual rate of $337.0 billion.
Among Indian ADR, Tata Motors added 0.81% to $19.84, HDFC Bank added 0.24% to $70.74, Wipro added 0.84% to $8.40, Vedanta added 3.37% to $16.57, Dr Reddys Labs added 0.11% to $62.62, and INFOSYS added 0.0.68% to $22.27. ICICI Bank fell 0.97% to $18.41 and WNS Holdings fell 2% to $80.69.
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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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