EDITOR'S NOTE
Thursday's trading session started on a downbeat, and major indexes fluctuated between negative and flat for most of the day. However, the S&P 500 and the Nasdaq Composite turned positive in the closing minutes of the day, each gaining 0.1%. The Dow Jones Industrial Average lost 66.57 points to end at 34,894.12.
Energy companies and financial stocks lagged. Indeed, notable decliners in the Dow included Chevron, Goldman Sachs and American Express.
Indeed, Goldman Sachs cut its economic growth forecast for the current quarter to 5.5% from 9%, which weighed on investors' sentiment.
Worries over the delta variant would likely lead to reduced consumer spending, said Jan Hatzius, Goldman's chief economist, in his report. "Spending on dining, travel, and some other services is likely to decline in August, though we expect the drop to be modest and brief," his note said.  Today's news wasn't all bad. Initial unemployment claims came in at 348,000 for the week ended Aug. 14, according to data from the Labor Department. Not only is that below the Dow Jones estimate for 365,000, but it's also a decline of 29,000 from the prior week. Ark Invest's Cathie Wood appeared on CNBC's "Tech Check" Thursday to discuss a range of topics, including the industries she believes are most vulnerable to innovation. "I don't think we're in a bubble, which is what I think many bears think we are," she said. "We're focused on the deflationary forces that are building up in the economy." TOP NEWS
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Kamis, 19 Agustus 2021
S&P 500 ends 2-day losing streak | Initial jobless claims fall | Ark’s Cathie Wood: stocks aren’t in a bubble
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