The S&P 500 gave up its early gains and slipped to start August as investors weighed a strong earnings season with growing uncertainty about the Delta variant and economic outlook.
The S&P 500 edged down 8.10 points, or 0.2%, to 4387.16 after closing out a sixth consecutive monthly advance. The Dow Jones Industrial Average touched an intraday high before retreating late in the session, falling 97.31 points, or 0.3%, to 34838.16. The tech-heavy Nasdaq Composite fared better, adding 8.39 points, or 0.1%, to 14681.07.
Investors have been upbeat that the economic expansion will boost corporate profits and enable stocks to keep rising, albeit at a slower pace. A record number of companies have been beating analysts’ estimates for earnings this season, according to Deutsche Bank. This week, traders will be parsing earnings from companies including Uber Technologies and Ford Motor .
“There are a few good reasons why the economy will continue to grow at above-normal rates,” said Edward Smith, co-chief investment officer at U.K. investment firm Rathbone Investment Management. Consumers are spending freely, companies plan to invest in their businesses and firms are restocking inventories, he said.
“That should enable earnings momentum to stay strong, carrying through to the end of the year,” Mr. Smith said.
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