The S&P 500 and the Dow rose on Friday, extending a recovery from the previous session, as strong U.S. factory and services activity surveys lifted the mood at the end of a volatile week of trading.
Helping the Dow outperform was Boeing, which added about 3% as industry sources said the planemaker has drawn up preliminary plans for a fresh sprint in 737 MAX output to as many as 42 jets a month in fall 2022.
IHS Markit s data showed U.S. business activity picked up in May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labor.
Wall Street s main indexes opened lower on Monday after a sharp recovery late last week, as signs of inflationary pressures building in the economy kept investors worried about monetary policy tightening.
The Dow Jones Industrial Average fell 69.84 points, or 0.20%, at the open to 34,313.03. The S&P 500 opened lower by 9.93 points, or 0.22%, at 4,164.66, while the Nasdaq Composite dropped 52.18 points, or 0.39%, to 13,377.37 at the opening bell.
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Wall Street s main indexes opened lower on Wednesday after stronger-than-expected inflation data fueled fears of tighter monetary policy to combat possibly a longer period of inflation.
The Dow Jones Industrial Average fell 134.8 points, or 0.39%, at the open to 34,134.47. The S&P 500 fell 26.6 points, or 0.63%, at the open to 4,125.78, while the Nasdaq Composite dropped 145.9 points, or 1.09%, to 13,243.64 at the opening bell.
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The S&P 500 and the Dow Jones indexes were higher on Wednesday after sliding for two straight sessions, while the Nasdaq remained muted as Netflix kicked off quarterly earnings for technology behemoths with a disappointing report.
The streaming service provider tumbled 7.1% as it reported slower subscriber growth in the first quarter after a pandemic boom.
Shares of mega-cap firms, including Apple Inc, Amazon.com Inc, Facebook Inc and Tesla Inc , fell between 0.3% and 1.8%. Netflix is weighing on the tech sector for sure this morning, said Dennis Dick, head of markets structure and a proprietary trader at Bright Trading LLC in Las Vegas.
Wall Street s main indexes fell for a second straight day on Tuesday as a spike in coronavirus cases globally hit travel stocks, while Boeing slid on the unexpected departure of its finance chief.
Seven of the 11 S&P indexes were down, with investors piling into defensive stocks that are considered relatively safe during times of economic uncertainty: real estate, utilities , consumer staples and healthcare.
Shares of airline operators and cruiseliners including JetBlue Airways, American Airlines, Norwegian Cruise Line and Carnival Corp, which were hammered last year as widespread lockdowns led to a halt in global travel, fell between 5% and 9%. Rising COVID-19 cases around the world is a risk, said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.