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Wall Street lower after holiday weekend

September is traditionally one of the weakest months of the year for stock market performance.

September 07, 2021 / 08:06 PM IST
Source: Reuters

Source: Reuters

Wall Street stocks were lower early Tuesday to open a holiday-shortened week as markets weigh the economic effects of the latest Covid-19 cases.

Worries about the Delta variant of the coronavirus have garnered much attention, but investors also took note of strong North American movie box office performance over the Labor Day Weekend.

Disney's "Shang-Chi and the Legend of the Ten Rings" took in $71.4 million over the Friday-through-Sunday period, a record for the Labor Day Weekend.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 35,181.53.

The broad-based S&P 500 shed 0.3 percent to 4,519.90, while the tech-rich Nasdaq Composite Index slipped less than 0.1 percent to 15,358.97.

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September is traditionally one of the weakest months of the year for stock market performance.

The strong movie ticket sales came after Friday's disappointing US jobs data, which reported the US economy added just 235,000 positions last month.

"It is tempting to blame the Delta variant and rising Covid case rates for the job market slowdown, except that people are not really behaving as if they are particularly concerned," said FHN Financial's Chris Low.

Markets are also monitoring for impacts from the expiration of federal aid programs for workers unemployed due to Covid-19. The programs expired on September 6.
AFP

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