S&P 500 and Nasdaq decline amid data on falling business activity

S&P 500 and Nasdaq decline amid data on falling business activity

S&P 500 and Nasdaq decline amid data on falling business activity

(Reuters) – The S&P 500 and Nasdaq are down on Wednesday amid US downtrend in September, while a record jump in Nike (NYSE: NKE) stocks pushed the blue-chip index higher after a strong quarterly report.

IHS Markit data showed that growth in business activity was offset by a decline in services in September, indicating a slowdown in economic growth as we approach the end of the third quarter.

Doubts over the next coronavirus bailout bill, as well as the sell-off of large tech stocks, have negatively impacted investor sentiment this month. Wall Street favorites, including Facebook Inc (NASDAQ: FB), Apple Inc (NASDAQ: AAPL) and Amazon.com (NASDAQ: AMZN) Inc., suffered the brunt of the losses.

By 18:10 Moscow time, the Dow Jones rose 0.02% to 27.281.53 points, the S&P 500 index lost 0.28% to 3.305.94 points, and the Nasdaq – 0.55% to 10.903.64 points.

“When the Dow is ahead of the Nasdaq, it tells you that the market believes the vaccine discovery (economies and development) are on schedule and will help the big industrial companies,” said Thomas Hayes, managing board member of Great Hill Capital LLC.

(Sagarika Jaysingani and Devik Jain in Bangalore. Translated by Alexey Kuzmin)

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