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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 Reuters, NEW YORK, July 6 – In Tuesday afternoon trading, U.S. stocks were lower, led by falls in the Dow Jones Industrial Average, as investors took profits in some of the industries most closely linked to economic development. As U.S. Treasuries surged, bank stocks (.SPXBK) plummeted, with the 10-year yield touching its lowest level since February 24. Energy (.SPNY) and materials (.SPLRCM) led falls alongside financials (.SPSY). At the same time, a regulatory crackdown by Beijing prompted a selloff in shares of numerous Chinese companies listed on the New York Stock Exchange, including Didi Global Inc. (DIDI.N). Investors may be taking profits following a good conclusion to the quarter, according to Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advice firm based in Toledo, Ohio. He said, “It was such a great quarter end.” “Cyclicals are really getting hit now,” says the author. “Investors may be concerned that the economy is not as good as the stock market is showing,” he said, as Treasury yields have fallen. On Tuesday, the S&P 500 growth index (.IGX) set a new high, while the S&P 500 value index fell more than 1%. The Dow Jones Industrial Average (.DJI) dropped 277.1 points, or 0.8 percent, to 34,509.25, the S&P 500 (.SPX) dropped 18.84 points, or 0.43 percent, to 4,333.5, and the Nasdaq Composite (.IXIC) sank 14.12 points, or 0.1 percent, to 14,625.20. 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 CBOE Volatility Index (.VIX) reached new highs for the first time in two weeks. Didi Global’s stock dropped 21.1 percent 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 Other U.S.-listed Chinese e-commerce companies, such as Alibaba Group, Baidu Inc, and JD.com, slumped 2.8 percent to 4.9 percent as the Chinese crackdown weighed on global markets. On the NYSE, declining issues exceeded advancing ones by a 2.31-to-1 ratio, while on the Nasdaq, decliners were favored by a 2.57-to-1 ratio. The S&P 500 made 47 new 52-week highs while the Nasdaq Composite made 66 new highs and 73 new lows. 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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