US close: Stocks weaker after long Labor Day weekend

Wall Street indices closed in a mixed state on Tuesday, after investors returned from the long Labor Day weekend.

At the close, the Dow Jones Industrial Average was down 0.76% at 35,100.00 and the S&P 500 was off 0.34% at 4,520.03, while the Nasdaq Composite eked out gains of 0.07% to 15,374.33.

The yield on the 10-year US Treasury note, meanwhile, was up 0.05 percentage points at 1.373%, while oil prices were on the back foot, with West Texas Intermediate lasst down 0.8% at $68.38 per barrel.

“US markets are doing their best to sour market sentiment after a belated start to the week,” said IG senior market analyst Joshua Mahony.

“Despite recent optimism that Friday’s poor payrolls figure will lead to delayed FOMC tapering, it appears US traders are less convinced of the positive implications from this economic warning sign.

“Nonetheless, we are seeing a strong move higher for US 10-year yields, with the seven-week highs signalling a growing confidence that things are ultimately moving in the right directions.”

Mahony noted that the Nasdaq was providing a “rare area of safety”, with the index gaining ground despite the fact that rising yields should instead drive growth stock underperformance.

“On a day that has seen most sectors on the back foot, the outperformance in banking stocks does highlight some element of confidence that the economy will improve and rates will ultimately rise.”

In corporate news, Thoughtworks set the terms of its initial public offering valuing the firm at $6.1bn.

Sportrader Group announced its intention to sell 19m shares at between $25-28 each as part of its flotation on the Nasdaq.

On the merger and acquisitions front, Columbia Property Trust announced that it was to be acquired by PIMCO-managed funds in a transaction worth $3.9bn.

At the same time, State Street unveiled its plans to buy Brown Brothers Harriman’s investor services business for $3.5bn.

Dow Jones - Risers

Walt Disney Co. (DIS) $184.34 1.85%
Apple Inc. (AAPL) $156.69 1.55%
Visa Inc. (V) $226.27 0.52%
American Express Co. (AXP) $159.72 0.26%
Intel Corp. (INTC) $53.65 0.26%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
JP Morgan Chase & Co. (JPM) $159.21 -0.18%
Goldman Sachs Group Inc. (GS) $410.32 -0.24%
Microsoft Corp. (MSFT) $300.18 -0.32%

Dow Jones - Fallers

3M Co. (MMM) $185.58 -4.53%
Amgen Inc. (AMGN) $221.34 -2.22%
Coca-Cola Co. (KO) $55.67 -1.87%
Boeing Co. (BA) $214.24 -1.80%
Merck & Co. Inc. (MRK) $76.00 -1.66%
Johnson & Johnson (JNJ) $172.32 -1.55%
Walmart Inc. (WMT) $147.27 -1.33%
McDonald's Corp. (MCD) $236.19 -1.10%
Verizon Communications Inc. (VZ) $54.82 -1.10%
International Business Machines Corporation (CDI) (IBM) $138.06 -1.09%

S&P 500 - Risers

Wynn Resorts Ltd. (WYNN) $105.93 5.61%
Expedia Group Inc. (EXPE) $147.49 3.40%
Arconic Inc. (ARNC) $35.39 3.24%
Nordstrom Inc. (JWN) $27.93 3.14%
Netflix Inc. (NFLX) $606.71 2.74%
Carnival Corp. (CCL) $23.56 2.61%
Royal Caribbean Cr (RCL) $81.45 2.54%
Svb Financial Group (SIVB) $586.00 2.54%
TripAdvisor Inc. (TRIP) $34.72 2.30%
Helmerich & Payne Inc. (HP) $27.44 2.20%

S&P 500 - Fallers

Foot Locker Inc. (FL) $53.48 -6.47%
VF Corp. (VFC) $71.86 -5.73%
3M Co. (MMM) $185.58 -4.53%
Deere & Co. (DE) $371.74 -4.52%
Stanley Black & Decker Inc. (SWK) $183.23 -4.12%
HP Inc (HPQ) $28.65 -4.05%
Whirlpool Corp. (WHR) $217.45 -3.73%
State Street Corp. (STT) $89.39 -3.72%
Masco Corp. (MAS) $59.01 -3.56%
PPG Industries Inc. (PPG) $150.40 -3.38%

Nasdaq 100 - Risers

Wynn Resorts Ltd. (WYNN) $105.93 5.61%
JD.com, Inc. (JD) $83.24 4.24%
Expedia Group Inc. (EXPE) $147.49 3.40%
NetEase Inc. Ads (NTES) $95.73 2.95%
Trip.com Group Limited (TCOM) $32.32 2.86%
Liberty Global plc Series A (LBTYA) $29.45 2.76%
Netflix Inc. (NFLX) $606.71 2.74%
Tesla Inc (TSLA) $752.92 2.64%
Liberty Global plc Series C (LBTYK) $29.52 2.32%
Baidu Inc. (BIDU) $166.68 2.27%

Nasdaq 100 - Fallers

Biomarin Pharmaceutical Inc. (BMRN) $77.81 -8.40%
Fastenal Co. (FAST) $54.01 -3.36%
Activision Blizzard Inc. (ATVI) $78.47 -3.34%
Vertex Pharmaceuticals Inc. (VRTX) $192.20 -2.95%
Lam Research Corp. (LRCX) $593.19 -2.87%
Mondelez International Inc. (MDLZ) $60.04 -2.72%
Sirius XM Holdings Inc (SIRI) $6.16 -2.69%
Seagate Technology Plc (STX) $88.06 -2.50%
Automatic Data Processing Inc. (ADP) $202.23 -2.48%
Monster Beverage Corp (MNST) $95.18 -2.46%