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Stocks End Mixed, Give Up Earlier Gains, Treasury Yields Decline

TheStreet logo TheStreet 8/2/2021 Joseph Woelfel
a clock on the wall: Stocks End Mixed, Give Up Earlier Gains, Treasury Yields Decline © TheStreet Stocks End Mixed, Give Up Earlier Gains, Treasury Yields Decline

Stocks ended mixed, coming off earlier highs Monday that were propelled by solid corporate earnings and dealmaking.

The Dow Jones Industrial Average finished down 97 points, or 0.28%, to 34,838. The blue-chip index set an all-time intraday high earlier on Monday.

The S&P 500 lost 0.18%, while the Nasdaq ended up 0.06%.

The yield on the benchmark 10-year Treasury was down Monday, falling to 1.176% after U.S. manufacturing in July showed growth softening, according to a report from the Institute for Supply Management.

Market Should Be Kind to Small Caps as August Begins

Stocks fell Friday and for the week but closed July with their sixth straight month of gains. The S&P 500 fell 0.4% last week but rose 2.3% for the month.


Video: 10-year Treasury yield could hit 1.20% before moving back up: Strategist (CNBC)

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Markets were led lower Friday by Amazon , which dropped 7.56% after revenue at the tech giant and online retailer disappointed, and U.S. second-quarter gross domestic product that rose 6.5% on annualized basis, less than forecasts.

Investors were monitoring the $550 billion infrastructure package moving closer to passage in the Senate this week. Market optimism was kept in check by worries over the pace of the economic recovery amid the spreading COVID-19 Delta variant.

Minneapolis Fed President Neel Kashkari said the COVID-19 Delta variant could hold back millions of Americans returning to work. The U.S. jobs report for July will be released Friday.

About 150 companies are expected to issue earnings reports this week. Among them are Alibaba BABA, Eli Lilly LLY, Amgen AMGN, CVS Health CVS and General Motors GM.

So far this earnings season, 88% of S&P 500 companies that have posted reports have topped analysts' expectations, according to FactSet.

Shares of payment processor Square SQ finished up 10% Monday after it agreed to pay $29 billion to acquire Australia's Afterpay, a buy-now, pay-later company.

The all-stock deal is Square's largest-ever acquisition.

Parker-Hannifin PH, the U.S. maker of motion and control technologies and systems, reached an agreement to buy British engineer Meggitt for 6.3 billion pounds ($8.8 billion) in cash to boost its aerospace operations.

Amazon is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN? Learn more now.

This article was originally published by TheStreet.
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