Dow and S&P 500 fall for third straight day as investors grow cautious in September
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The Dow Jones Industrial Average and S&P 500 fell for a third straight day on Wednesday as investors reassess the economic growth outlook following a smooth ride in the market so far this year.
The Dow fell 68.93 points to 35,031.07 and the S&P 500 dipped 0.1% to 4,514.07. The technology-heavy Nasdaq Composite fell nearly 0.6% to 15,286.64, dropping for the first session in five.
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The 30-stock average closed in the red for its third trading day in a row. On Tuesday, the Dow fell more than 260 points, adding to Friday’s losses after a disappointing August jobs report. September’s outlook also remains clouded by the coronavirus delta variant.
Many investors are bracing for volatility in September, one of the seasonally weakest months of the year. Price swings could make a comeback, especially with the S&P 500 up more than 20% this year without a single 5% pullback.
“We see a bumpy September-October as the final stages of a mid-cycle transition play out,” Morgan Stanley chief cross-asset strategist Andrew Sheets said in a note. “The next two months carry an outsized risk to growth, policy and the legislative agenda.”
Reference: CNBC
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