Wall Street suffered a stock market beatdown with hopes for a quick economic turnaround dashed by a surprise resurgence in unemployment
Of the 11 major sectors in the S&P 500, eight closed in the red, with tech shares .SPLRCT notching the largest percentage drop.Second-quarter reporting season is in full-stride, with 113 S&P 500 constituents having reported. Refinitiv data shows that 77% of those have beaten expectations that were extraordinarily low.
Tesla Inc reported a profit for the fourth straight quarter, setting the company up for inclusion in the S&P 500. But the stock slid 5.0% as analysts questioned whether the electric automaker’s stock price matched its performance. Airlines, battered by mandated lockdowns, reversed early losses to cross well into the black. The S&P 1500 Airlines index .SPCOMAIR gained 1.3%.Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.61-to-1 ratio favored decliners.
The S&P 500 posted 51 new 52-week highs and no new lows; the Nasdaq Composite recorded 103 new highs and 17 new lows.
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