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DJ INDUSTRIAL

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Dow Jones Industrial Average : S&P dips as rising yields offset strong retail data

09/16/2021 | 05:30pm EDT

Good news for the economy on Main Street turned out to be too good for much of Wall Street. An unexpectedly strong retail sales report prompted a sell-off in tech stocks, helping drag down the Dow and S&P 500 Thursday.

Retail sales grew despite Hurricane Ida and the Delta variant, and that helped drive up stocks of retailers like The Gap and Tapestry. But it also triggered a rise in bond yields, which led investors to unload rate-sensitive, market leading tech titans like Apple and Alphabet.

Terence Gabriel is Stocks Buzz Analyst at Thomson Reuters.

"Stronger-than-expected economic data gets the market worrying again that the Fed is going to taper aggressively, so it's a difficult moment for the market to be in."

The Dow and S&P 500 declined nearly two-tenths of a percent. But a rally by Amazon helped lift the Nasdaq a tenth of a percent.

U.S.-based casino operators with operations in Macau extended their steep slide. J.P. Morgan downgraded Las Vegas Sands, Wynn Resorts and Melco Resorts to "neutral" from "overweight" after Macau launched a regulatory overhaul.

Shares of Ford Motor gained one-and-a-third percent. The automaker said it'll boost production of its electric pickup truck, the F-150 Lightning due to strong demand. Sales start next spring.


© Reuters 2021
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Top / Flop DJ INDUSTRIAL
AMERICAN EXPRESS COMPANY 187.08 Delayed Quote.5.42%
THE GOLDMAN SACHS GROUP, INC. 414.32 Delayed Quote.1.65%
THE TRAVELERS COMPANIES 162.37 Delayed Quote.1.36%
UNITEDHEALTH GROUP 448.26 Real-time Estimate Quote.1.35%
JPMORGAN CHASE & CO. 171.78 Delayed Quote.1.35%
WALT DISNEY COMPANY (THE) 169.42 Delayed Quote.-1.12%
MCDONALD'S CORPORATION 238.44 Delayed Quote.-1.23%
DOW INC. 58.4 Delayed Quote.-1.45%
HONEYWELL INTERNATIONAL INC. 217.58 Real-time Estimate Quote.-3.09%
INTEL CORPORATION 49.46 Delayed Quote.-11.68%
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