The Dow Jones Industrial Average dipped 54.34 points, or 0.2%, to 34,327.79. The S&P 500 lost 0.3% to 4,163.29 as the tech sector pulled back 0.7%. The Nasdaq Composite fell 0.4% to 13,379.05.
Big Tech stocks fell to start the week, with Apple and Netflix each down 0.9%. Microsoft shed 1.2%, while Tesla dropped more than 2% as famed investor Michael Burry revealed a big short position on the electric carmaker.
Communication services stock Discovery bucked that trend after AT&T announced Monday that it would merge WarnerMedia, which includes HBO, with Discovery. Discovery s Class B stock jumped nearly 14%, while AT&T ended the day slightly lower after hitting a record high earlier in the session.
Stock Futures Are Flat After Wall Street Begins Week With Modest Losses nbcconnecticut.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcconnecticut.com Daily Mail and Mail on Sunday newspapers.
5/5/2021 7:02:30 AM GMT | By FXStreet Insights Team
As is often the case with bull markets, a lengthy run of good news and better-than-expected economic data has helped propel stocks to all-time highs. Investor risk-taking has increased, and confidence has begun turning into complacency. Now, new risks are emerging. Key among them: mounting supply-chain woes that are making it harder for businesses to keep up with soaring demand, Lisa Shalett, Chief Investment Officer, Wealth Management at Morgan Stanley briefs.
Reasons for concern have begun to materialize amid new stock-market highs
“The supply-chain imbalances are becoming so severe that their risks go beyond the short-lived bout of inflation that many analysts predicted. Rising real-time production delays could crimp sales and drag down corporate earnings and economic growth.”