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Nasdaq at Record Close; S&P 500 Snaps 7-Session Win Streak

TheStreet logo TheStreet 7/6/2021 Joseph Woelfel
a person standing in front of a building: Nasdaq at Record Close; S&P 500 Snaps 7-Session Win Streak © TheStreet Nasdaq at Record Close; S&P 500 Snaps 7-Session Win Streak

Stocks finished mixed Tuesday, with the S&P 500 snapping a seven-session winning streak, as Wall Street came out of a long holiday weekend and oil prices turned lower.

The drop in oil followed a surge after talks among the world's largest oil producers regarding a production increase broke down.

A crackdown in China on the country's biggest technology companies dented investor sentiment.

The Dow Jones Industrial Average finished down almost 209 points, or 0.6%, to 34,577, the S&P 500 declined 0.2%, and the Nasdaq finished up 0.17% at a record close.

Dow Inc. , Amgen , Caterpillar , Walt Disney and Chevron led the Dow industrials lower.

The yield on the benchmark 10-year Treasury fell to 1.368% after the Institute for Supply Management's service sector index fell to 60.1 in June from a record in May of 64.

Jim Cramer: What Q2's Strongest Stocks Tell Us About This Bull Market

U.S. oil prices earlier Tuesday had risen to a six-year high after OPEC and its allies broke off talks Monday. The United Arab Emirates refused to agree to a Saudi-backed deal to boost output, according to reports.

West Texas Intermediate crude, the U.S. benchmark, turned lower Tuesday, falling 1.84% to $73.70 a barrel. U.S. crude earlier hit a high of $76.98 a barrel.

Video: S&P 500 on track for longest win streak since February (CNBC)


What's Really Going on Behind the Scenes at OPEC+?

Investors are concerned that the oil impasse could escalate into a price war that could stall a global economic recovery just as demand rebounds from the coronavirus pandemic.

The White House said it was monitoring the situation.

"The United States is closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 pandemic," a White House spokesperson said in a statement.

"We are not a party to these talks, but administration officials have been engaged with relevant capitals to urge a compromise solution that will allow proposed production increases to move forward," the statement added.

In the U.S., all three major stock market indexes on Friday closed at records after the economy added more jobs than expected in June and hourly wage increases were below forecasts, giving rise to the belief the Federal Reserve won't be hiking interest rates anytime soon. The Dow, S&P 500 and Nasdaq also rose for a second straight week.

However, a jump in oil prices would add to recent inflationary pressures and fears the Fed could begin pulling back on support sooner rather than later.

Minutes from the Federal Reserve's meeting on June 15-16 will be released on Wednesday. Investors will be paying close attention to the minutes, hoping they shed some light on the central bank's recent hawkish tilt, which caught markets by surprise.

"With the shortened week and a relatively light economic calendar, the [Federal Open Market Committee] minutes could reveal a Fed more concerned with inflation than we may have originally thought which could reignite some jitters," said Chris Larkin, managing director of trading at E-Trade.

U.S.-listed shares of Didi Global fell 20% Tuesday after the Cyberspace Administration of China late last week began a cybersecurity review into Didi and blocked the company's app from accepting new users, and then on Sunday ordered the company's app to be removed from stores.

Bitcoin prices steadied Tuesday after a recovery over the weekend and a slump on Monday.

Bitcoin was at $34,074, down less than 1%. The world's largest cryptocurrency has risen more than 17% in 2021 but has dropped nearly 50% from its all-time high of $64,829, according to CoinDesk.

Bitcoin's Wild Ride and What's Next - Coin Metrics' Nic Carter

This article was originally published by TheStreet.

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