A man walks past a bank’s electronic board showing the Hong Kong Stock Index on the Hong Kong Stock Exchange on Monday, August 9, 2021. Asian stock markets followed Wall Street higher on Monday after China and the Australia have tightened anti-virus controls that threaten to weigh on an economic recovery.
People walk past a bank’s electronic board displaying the Hong Kong Stock Index on the Hong Kong Stock Exchange on Monday, August 9, 2021. Asian stock markets followed Wall Street higher on Monday after China and the Australia have tightened anti-virus controls that threaten to weigh on the recovering economy.
A woman walks past a bank’s electronic board showing the Hong Kong Stock Index on the Hong Kong Stock Exchange on Monday, August 9, 2021. Asian stock markets followed Wall Street higher on Monday after China and the Australia have tightened anti-virus controls that threaten to weigh on an economic recovery.
FILE – Trader Vincent Napolitano, left, works on the floor of the New York Stock Exchange, Friday, November 9, 2018, file photo. Stocks open lower on Wall Street, with energy companies recording some of the biggest losses as oil prices fall further. The S&P 500 Index was down 0.2% in the first few minutes of trading on Monday, August 9, 2021, and the Nasdaq was down by a similar amount.
By DAMIAN J. TROISE Business Writer AP
Stocks edged down on Wall Street as investors scrutinize the latest corporate earnings reports and cautiously watch the latest wave of the virus for its impact on economic growth.
The S&P 500 fell 0.1% at 11:45 a.m. EST. The Dow Jones Industrial Average fell 76 points, or 0.2%, to 35,131 and the Nasdaq rose 0.1%.
All major indices posted weekly gains last week and the S&P 500 set a record on Friday.
Energy companies collapsed as the price of benchmark U.S. crude oil fell 2.9% to its lowest level since May. This drop follows a 7.7% drop last week. Occidental Petroleum lost 1.6%.
Technological and industrial companies were among the biggest weights in the broader market. Micron Technology fell 1.4% and General Electric fell 1.2%.
The latest round of corporate earnings is drawing to a close and nearly 90% of S&P 500 companies have released their latest results. Reports have for the most part been solid. Tyson Foods jumped 7.9% after handily beating Wall Street earnings forecasts.
Airbnb, DoorDash and Walt Disney are all set to release their latest financial results on Thursday.
Investors are also closely monitoring the world’s reaction to the latest wave of coronavirus. Some governments have reimposed limits on business and travel. China has canceled flights as it tries to stop a wave of epidemics. Australia’s two most populous states have told people to stay home except to go to work or for a handful of other reasons.
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