Dow slips on delta variant concerns | Goldman cuts GDP forecast | Bitcoin tumbles

The Dow and S&P 500 slipped Tuesday amid concerns about the fast-spreading delta variant of the coronavirus

VIEW IN BROWSER | SUBSCRIBE TUE, SEP 07, 2021 EVENING BRIEF AS OF TUE, SEP 07, 2021 • 04:32 ET DJIA 35100.00 -0.76% -269.09 S&P 500 4520.03 -0.34% -15.40 NASDAQ 15374.33 +0.07% +10.81   Most Active DOW NAME LAST CHG %CHG AAPL 156.69 +2.39 +1.55% MSFT 300.18 -0.96 -0.32% KO 55.67 -1.06 -1.87% S&P 500 NAME LAST CHG %CHG AAPL 156.69 +2.39 +1.55% F 12.95 +0.06 +0.47% BAC 41.32 +0.27 +0.66% NASDAQ NAME LAST CHG %CHG AAPL 156.69 +2.39 +1.55% AMD 109.15 -0.77 -0.70% TSLA 752.92 +19.35 +2.64%   EDITOR'S NOTE The Dow Jones Industrial Average and the S&P 500 slipped Tuesday amid concerns about the fast-spreading delta variant of the coronavirus. The Nasdaq Composite, however, held up in the face of investor selling and notched a record close.   Weighing on investors' sentiment, Goldman Sachs downgraded its outlook for U.S. economic growth, saying in a note to clients that the ramifications from the delta variant and the end of fiscal stimulus measures will dent consumer spending.   Goldman lowered its GDP growth projection to 5.5% for the fourth quarter, down from 6.5% in earlier projections. The firm expects annual growth to be 5.7% in 2021, below the 6.2% expected on average by other shops.   "But the hurdle for strong consumption growth going forward appears much higher: the delta variant is already weighing on Q3 growth, and fading fiscal stimulus and a slower service sector recovery will both be headwinds in the medium term," Goldman's Ronnie Walker said in a note to clients. Morgan Stanley on Tuesday slashed its rating on U.S. equities, anticipating a volatile period into October as the Federal Reserve prepares to dial back easy monetary policy.   "We see a bumpy September-October as the final stages of a mid-cycle transition play out," Morgan Stanley's chief cross-asset strategist, Andrew Sheets, said in a note. "The next two months carry an outsized risk to growth, policy and the legislative agenda. We lower U.S. equities to [under weight] and prefer stocks in Europe and Japan."   Friday's disappointing jobs report could also be weighing on investor sentiment. Nonfarm payrolls increased by 235,000 in August, the Labor Department reported, but economists surveyed by Dow Jones expected 720,000 jobs. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald TOP NEWS  Dow drops 260 points as investors grow concerned about delta variant's impact on economic recovery Bitcoin tumbles as El Salvador adopts it as legal tender Morgan Stanley downgrades U.S. stocks: 'We see a bumpy September-October' WHO says Covid will mutate like the flu and is likely here to stay A sharp rise in wages is contributing to worries over inflation Elizabeth Holmes is living on the grounds of a $135 million Silicon Valley estate during her trial White House proposes stopgap bill with disaster aid as Congress hashes out trillions in spending WHO says delta remains the 'most concerning' Covid variant despite emergence of mu Democrats eye reforms to Trump tax break for businesses as part of $3.5 trillion spending plan Apple sends invites for Sept. 14 launch event, where new iPhones are expected   TOP VIDEO What El Salvador's bitcoin rollout could mean for mainstream adoption   CNBC PRO Barclays raises year-end S&P 500 forecast, doesn't see Fed taper causing sell-off   SPECIAL REPORTS Paid family leave could help 37% of unemployed Americans return to work sooner, survey shows How to save for retirement if you don't have a 401(k) at work   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS