U.S. stock indexes were lower for a fifth straight day Friday afternoon, after opening higher, as investors worried that the high number of coronavirus delta variant cases may be slowing economic recovery, despite new vaccination mandates announced by President Joe Biden on Thursday night.
How are stock indexes trading?
-
The Dow Jones Industrial Average
DJIA,
slid almost 77 points, or 0.2%, to about 34,802. The blue-chip index had opened about 224 points higher at its peak before hitting a Friday nadir at 34,714,25. -
The S&P 500
SPX,
was down almost 8 points, or 02%, at about 4,486, but had set an intraday high at 4,520.47 before hitting a low at 4,477.95. -
The Nasdaq Composite Index
COMP,
declined about 26 points, or 0.2%, to 15,222, trading in an intraday range between 15,349.47 and a low of 15,207.30.
On Thursday, the Dow industrials fell 151.69 points, or 0.4%, to end at 34,879.38, the S&P 500 index closed down 20.79 points, or 0.5%, to 4,493.28, and the Nasdaq Composite Index finished at 15,248.25, a loss of 38.38 points, or 0.3%.
For the week, the Dow is on pace for a 1.6% decline, while the S&P 500 is track for 1.1% loss and the Nasdaq was heading for a weekly slide of 0.9%, according to FactSet data, at last check.
What’s driving the market?
Apple Inc.
AAPL,
led the Dow lower when a federal judge in the Epic Games Inc. case issued an injunction that said the company can no longer force developers to use its payment system, effectively bypassing commission fees of 15% to 30%. However, the iPhone maker was not ruled an antitrust monopolist.
“The bullishness is fading quickly,” said Steve Sosnick, chief strategist at Interactive Brokers, in a phone interview Friday. “It’s a seasonally awkward time for the market.”
The week’s trading action comes amid concerns about the impact of the coronavirus delta variant on global economic growth in recent months.
Biden on Thursday announced new vaccine mandates, including a requirement that executive-branch employees as well as federal contractors vaccinate, with no test alternative. He is also discussing a Labor Department rule requiring businesses with 100 or more workers to ensure their employees are vaccinated or show a negative test result weekly or more frequently.
The U.S. is averaging just under 150,000 new cases a day, with only 53% of the population fully vaccinated, which is well behind many countries in Europe and Canada, according to a New York Times tracker.
While the focus is on rising COVID cases, markets are also watching the Federal Reserve for an indication of when it might taper its bond-buying purchases. Investors will have to wait until Sept. 21-22 for the next Federal Open Market Committee meeting. However, there is already speculation that the Fed will…
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