Energy stocks lead major indexes lower in US trading

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Stocks are opening lower on Wall Street, with energy companies logging some of the biggest losses as oil prices take another turn lower. The S&P 500 index was off 0.2% in the first few minutes of trading Monday and the Nasdaq was down by a similar amount. PHOTO CREDIT: Richard Drew The Associated Press
Stocks are opening lower on Wall Street, with energy companies logging some of the biggest losses as oil prices take another turn lower. The S&P 500 index was off 0.2% in the first few minutes of trading Monday and the Nasdaq was down by a similar amount. PHOTO CREDIT: Richard Drew The Associated Press
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Posted By: BY DAMIAN J. TROISE The Associated Press August 9, 2021

Stocks edged lower on Wall Street as investors review the latest corporate earnings reports and cautiously watch the latest virus surge for its impact on economic growth.

The S&P 500 fell 0.3% as of 10:16 a.m. Eastern. The Dow Jones Industrial Average fell 157 points, or 0.5%, to 35,054 and the Nasdaq rose less than 0.1%.

Every major index is coming off of weekly gains last week, and the S&P 500 set a record high on Friday.

Energy companies slumped as the price of benchmark U.S. crude oil fell 3.9% to its lowest levels since May. The move lower follows a decline of 7.7% last week. Occidental Petroleum shed 3.3%.

Technology and communications companies were among the biggest weights on the broader market. Micron Technology fell 1.8% and Facebook fell 0.5%.

The latest round of corporate earnings is winding down, and nearly 90% of companies in the S&P 500 have reported their latest results. The reports have been mostly solid. Tyson Foods jumped 6.3% after handily beating Wall Street’s profit forecasts.

Investors are also closely watching the world’s reaction to the latest surge of the coronavirus. Some governments have reimposed limits on business and travel. China canceled flights as it tries to stop a rash of outbreaks. Australia’s two most populous states have told people to stay home except to go to work or for a handful of other reasons.

Analysts expect the U.S. and global economies to continue growing, but have cautioned that the resurgent virus could slow down the pace.

Bond yields held steady. The yield on the 10-year Treasury remained at 1.28% from late Friday.

Major indexes in Europe were edging lower while indexes in Asia were mixed. In China, the Shanghai Composite Index gained 1.1% and Hong Kong’s Hang Seng gained 0.4%.

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