2021-09-02 03:04:00
Market Update for Wednesday - September 1st, 2021 S&P 500 4524 +1 +0.03%
Dow Jones 35313 -48 -0.1%
Nasdaq 15612 +29 +0.2%
Crude Oil 68.22 -0.28 -0.4%
Gold 1816.3 -1.8 -0.1%
*As of market close
HIGHLIGHTS• Markets rose higher in the morning to kick off September trading but pared early gains by the closing bell. Tech stocks continued to take the NASDAQ to new all-time highs, and the Dow fell for the third straight session.
• The markets received mixed economic data today as the August ISM Manufacturing Index came in higher than expected at 59.9%, up slightly from July’s figure of 59.5%. The ADP August Employment Change Report showed that 374,000 private sector jobs were added during the month, compared to a consensus estimate of 600,000.
• FAANG and other big tech stocks kicked off September just as they ended August. Apple (AAPL) hit a new intraday all-time high today jumping by 0.5%, while Facebook (FB), (NFLX), Amazon (AMZN), and Alphabet (GOOGL) all traded higher during the session.
• Electric vehicle maker Lucid Motors (LCID) slid lower by 10.9% today as early PIPE investors cashed out as the lockup period expired. The stock has been on a downward trend since it merged with Churchill Capital Corp IV, and has shed over 30% since the merger on July 26th.
• Chinese ADRs bounced back today despite tightening regulations from the Chinese government on the gaming and eCommerce sectors. AliBaba (BABA) gained 3.8%, PinDuoDuo (PDD) soared by 6.8%, and JD.com (JD) added 2.8% during today’s rally.
• Despite beating Wall Street estimates, cybersecurity firm CrowdStrike (CRWD) was trading lower by 3.9% today. The concern came over slowing sequential annual recurring revenue figures, which beat expectations by 5.9% last quarter but only 3.3% in the most recent quarter.
• As earnings season winds down, Thursday will still see some key companies reporting their earnings including Broadcom (AVGO), DocuSign (DOCU), and MongoDB (MDB).
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