By Caitlin Ostroff and Karen Langley
Major indexes have lost ground this month as investors worry that stocks may be due for a setback after climbing throughout 2021. Analysts also are considering how the spread of the pandemic could damp economic growth.
"It can make consumers less confident to spend, for example, if they have some uncertainty about where the economy is headed based on what happens with caseloads"
-said Lisa Erickson, co-head of the public markets group at U.S. Bank Wealth Management.
The $S&P 500 index(.SPX.US)$ dropped 6.95 points, or 0.2%, to 4473.75. The $Dow Jones Industrial Average(.DJI.US)$ lost 63.07 points, or 0.2%, to 34751.32. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose 20.39 points, or 0.1%, to 15181.92.
While many recent sessions have seen losses for stocks, they haven't been large ones: The S&P 500 on Thursday notched its 20th consecutive trading day without a 1% move -- its longest stretch without a move of that size since a span from October 2019 to January 2020, according to Dow Jones Market Data.
New data added to the cloudy forecast for the economy. The number of Americans who applied for first-time unemployment benefits rose in the week ended Sept. 11 to 332,000, up from 312,000 in the week prior.
Meanwhile, retail sales rose 0.7% in August, a sign of resilience despite the pandemic. Economists surveyed by The Wall Street Journal had expected retail sales to decline.
"This summer and then into the fall, it's all been about Delta. We've been in this back and forth and back and forth, and we're seeing more of that today."
-said Jim Smigiel, chief investment officer at asset management firm SEI.
The U.S. trading session followed another day of losses in China and Hong Kong, where indexes were hit by gathering fears around an economic slowdown.
Hong Kong's $Hang Seng Index(800000.HK)$ shed 1.5% and China's Shanghai Composite contracted 1.3%. Growth across a range of Chinese economic indicators pulled back sharply in August, as a new outbreak of the pandemic and tighter government regulations on the property market hit consumer spending and the housing sector.
In bond markets, the yield on the benchmark 10-year U.S. Treasury note rose to 1.331% Thursday from 1.302% Wednesday. Yields rise as prices fall.
Gains by consumer discretionary stocks helped to support the S&P 500, while the materials and energy sectors lagged behind, falling more than 1%.
Among individual stocks, $DoorDash(DASH.US)$ shares gained $11.65, or 5.6%, to $221.50 after $Bank of America(BAC.US)$ upgraded the stock to buy. Shares of $Beyond Meat(BYND.US)$ fell $2.56, or 2.3%, to $108.25 after Piper Sandler downgraded the alternative-meat maker to an underweight rating.
Elsewhere, the Stoxx Europe 600 gained 0.4%. Shares of Lagardère surged 19% after media conglomerate Vivendi struck a deal to increase its stake in the French group, a move that opens the door to a full takeover.
(END) Dow Jones Newswires
September 16, 2021 17:25 ET (21:25 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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