The stock market experienced a decline on Wall Street, continuing its weak streak during this holiday-shortened week. The S&P 500 dropped 31.35 points, or 0.7%, settling at 4,465.48. Similarly, the Dow Jones Industrial Average fell 198.78 points, or 0.6%, reaching 34,443.19. The Nasdaq composite saw a drop of 148.48 points, or 1.1%, closing at 13,872.47. Treasury yields witnessed an increase following data indicating the resilience of the US services sector. In other news, Roku announced a 2.9% rise in its stock after announcing a 10% reduction in its workforce, amounting to around 360 employees. The streaming platform also upgraded its forecast for quarterly revenue, as the AP reports.
Big technology stocks, including Apple with a 3.6% decline and Nvidia with a 3.1% decline, had a significant negative impact on the market. Health care stocks also experienced losses, with Johnson & Johnson decreasing by 1.7% and Pfizer shedding 2.9%. After releasing their earnings and other updates, a few companies made notable moves. AeroVironment, the manufacturer of unmanned aircraft, witnessed a significant jump of 20.7% after raising its sales forecast for the year.
Following the Labor Day holiday and a busy August, investors are faced with a relatively quiet week. However, the services sector in the US remains healthy, according to a survey conducted by the Institute for Supply Management. Surprisingly, the sector, which employs a majority of Americans, exhibited faster growth than anticipated in August. Despite persistent inflation and increasing interest rates, the services sector continues to thrive and demonstrate high demand. Tom Hainlin, the national investment strategist at US Bank Wealth Management, remarks, “That suggests there is still a tremendous amount of demand for the services sector.”
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