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Reuters, NEW YORK, July 6 – The Dow and S&P 500 both dipped on Tuesday, with financials and other sectors connected to economic growth leading the way lower, while the Nasdaq climbed to a new high. The S& The services industry in the United States grew at a sluggish pace in June, likely due to manpower and raw material constraints. find out more The Dow was the worst performer of the day. Financials (.SPSY) were down 1.6 percent, the most on the S&P 500, followed by energy (.SPNY) stocks. A regulatory crackdown by Beijing added to investor jitters, prompting a selloff in shares of many U.S.-listed Chinese companies, including Didi Global Inc. (DIDI.N). find out more “Investors may be apprehensive the economy might not be as good as the stock market was suggesting,” Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advice firm based in Toledo, Ohio, said. Also, after a good close to the quarter and a string of recent records, investors may be taking profits. He said, “It was such a great quarter end.” “Cyclicals are really getting hit now,” says the author. After hitting a new high on Tuesday, the S&P 500 growth index (.IGX) ended up 0.5 percent, while the S&P 500 value index (.IVX) declined 1%. The Dow Jones Industrial Average (.DJI) dropped 208.98 points, or 0.6 percent, to 34,577.37, while the S&P 500 (.SPX) dropped 8.8 points, or 0.20 percent, to 4,343.54 and the Nasdaq Composite (.IXIC) rose 24.32 points, or 0.17 percent, to 14,663.64. On June 28, 2021, a surveillance camera is spotted outside the New York Stock Exchange (NYSE) in New York City, New York, United States. ANDREW KELLY/REUTERS All three indices gained for the fifth quarter in a row last week. On Friday, they reached fresh highs. The Cboe Volatility Index (.VIX), an options market barometer of near-term volatility expectations, surged 1.37 points to close at 16.44 on Tuesday, its highest closing in two weeks, underscoring investors’ frayed nerves. Didi Global’s stock plunged 19.6% after Chinese officials ordered the company’s app to be taken down over the weekend, just days after its $4.4 billion IPO on the New York Stock Exchange. find out more Alibaba Group (down 2.8 percent) and Baidu (down 5%) are two other Chinese e-commerce companies listed on the New York Stock Exchange. On the NYSE, declining issues exceeded advancing ones by a 1.86-to-1 ratio, while on the Nasdaq, decliners were favored by a 2.18-to-1 ratio. The S&P 500 made 49 new 52-week highs while the Nasdaq Composite made 69 new highs and 75 new lows. On U.S. exchanges, volume was 10.12 billion shares, compared to an average of 10.8 billion for the full session for the previous 20 trading days. In Bengaluru, Devik Jain and Shreyashi Sanyal contributed additional reporting; Arun Koyyur, Maju Samuel, and David Gregorio edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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