The S&P and the Dow indexes retreated from record highs on Monday as energy and other sectors sensitive to economic growth tumbled on concerns over rising COVID-19 cases. Eight of the 11 major S&P sectors fell, while shares such as consumer staples and financial led gains. Investors awaited fresh catalysts to push the market higher, after strong jobs data saw the S&P 500 and the Dow Jones end last week at record highs. A stellar earnings season has seen U.S. stocks surge to record highs over the past two weeks, as several consensus-beating results from major firms reinforced faith in a post-COVID economic recovery this year. As of Friday, analysts expected second-quarter profit growth of 93.1% for S&P 500 companies, according to IBES data from Refinitiv.

Source: Mint August 09, 2021 15:56 UTC