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US market continues September’s stumble

20:26, 8 September 2021

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Following a series of record closes last month, the major US indices are beginning September in the other direction as the Dow and S&P drop for the third consecutive session.

The Dow Jones Industrial Average dropped 69 points, or 0.2% to finish the session near 35,031, and the S&P 500 slipped six points, or 0.1% to end near 4,514.

Meanwhile, the Nasdaq Composite lost around 88 points, or 0.6%, to finish near 15,287.

On Tuesday, the Dow lost over 260 points, contributing to declines logged after last week's jobs report for August that came up short on expectations.

For the month, the S&P 500 is off 0.4%, the Dow is off about 1% while the Nasdaq is trading near flat.

Gains and losses

Shares for Coinbase are more than 3% lower following legal actions taken by the Securities and Exchange Commission, according to the crypto exchange.

Shares for Coupa Software dropped 2% despite the company’s better-than-expected quarterly financial report.

Shares for Kadmon surged over 70%, shares for Sanofi fell 2.7%, while shares for PayPal dipped 1.6% following the company’s announcement to buy Japanese startup, Paidy, for $2.7bn.

The assets

The yield on the benchmark 10-year Treasury note sank to 1.333% from 1.370% on Tuesday.

In energy, Brent crude, the international benchmark, added 1.4% to $72.66 per barrel as natural gas improved about 7.6% to $4.92 a million British thermal units.

Around the world

The pan-continental Stoxx Europe 600 dropped over 1%, the Shanghai Composite Index closed the session flat, while Hong Kong’s Hang Seng Index fell 0.1%, and Japan’s Nikkei 225 went up 0.9%, going up for its seventh consecutive trading session.

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