• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

US Stocks fall on profit taking

May 14, 2021 by Staff Reporter

The US stocks were mostly lower on Tuesday, 04 May 2021, with the Nasdaq Composite and the S&P 500 indexes settling down, while the Dow Jones Industrial Average managed to eke out marginal gains, on profit booking after comments from Treasury Secretary Janet Yellen, who suggested interest rates may have to rise modestly to prevent the economy from overheating amid the recent spike in government spending.

At the close of trade, the Dow Jones Industrial Average index inclined 19.80 points, or 0.06%, to 34,133. The S&P 500 index was down 28 points, or 0.67%, at 4,165. The tech-heavy Nasdaq Composite Index fell 261.61 points, or 1.88%, to 13,634.

All the 11 major S&P 500 sectors were down, with technology, communication services and consumer discretionary falling more than 2% each. The defensive consumer staples, utilities and real estate sectors fell the least.

Shares of highly valued technology companies including Microsoft Corp, Alphabet Inc, Apple Inc, Amazon.com Inc and Facebook Inc fell between 2.3% and 4.2% amid concerns about rising inflation, fears the Federal Reserve may have to taper monetary stimulus earlier than telegraphed, and the potential for tax increases in the months ahead.

Pfizer shares rose slightly following quarterly results that beat expectations and raising its 2021 guidance. CVS Health shares jumped 4.4% after the pharmacy chain and insurance company also raised its guidance.

ECONOMIC NEWS: US Factory Orders Show Notable Rebound In March- US factory orders jumped by 1.1% in March after falling by a revised 0.5% in February, according to a report released by the Commerce Department on Tuesday.

The rebound by factory orders came as orders for durable goods increased by 0.8% in March following a 0.9% slump in February. Orders for non-durable goods also shot up by 1.5% in March after edging down by 0.1% in the previous month. The report also showed shipments of manufactured goods spiked by 2.1% in March after tumbling by 1.9% in February. Inventories of manufactured goods also advanced by 0.7% in March following a 0.8% increase in the previous month. With shipments jumping more than inventories, the inventories-to-shipments ratio fell to 1.38 in March from 1.40 in February.

US Trade Deficit Hits New Record High In March-US trade deficit widened to $74.4 billion in March from a revised $70.5 billion in February, a report released by the Commerce Department on Tuesday showed. The wider trade deficit was partly due to a jump in the value of imports, which surged up by 6.3% to $274.5 billion in March after falling by 0.7% to $258.1 billion in February.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Originally Appeared On: https://www.business-standard.com/article/news-cm/us-stocks-fall-on-profit-taking-121050500219_1.html

Filed Under: BUSINESS, MONEY

Primary Sidebar

More to See

Former Georgia Tech Kicker Harrison Butker Sends Kansas City To The Super Bowl

Harrison Butker is going to be playing for another Super Bowl with the Kansas City Chiefs.Butker nailed the game-winning field goal to send the Chiefs … [Read More...] about Former Georgia Tech Kicker Harrison Butker Sends Kansas City To The Super Bowl

Stock Market Opening News Today

Sensex, Nifty Open: आज अडानी ग्रुप शेयरों में बिकवाली जारी है. वहीं बैंक और फाइनेंशियल सेक्‍टर के हैवीवेट शेयरों ने भी बाजार को कमजोर किया है. Sensex, … [Read More...] about Stock Market Opening News Today

Henry Bott Now President of Swire Properties US

One of Hong Kong’s best known conglomerates leads this week’s set of personnel updates on Mingtiandi as Hong Kong’s John Swire and Sons announces new … [Read More...] about Henry Bott Now President of Swire Properties US

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2023 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT