U.S. stock indexes surrendered morning gains sending all three averages lower and diminishing chances that the Dow Jones Industrial Average and the S&P 500 index would snap four-day losing streaks.
The Dow Jones Industrial Average fell 74 points, or 0.21%, while the S&P 500 index and the Nasdaq Composite index slipped 0.13% and 0.06%, respectively.
The selling follows the producer price index which surged 8.3% annually in August, the most on record. Prices were up 0.7% month over month.
In stocks, energy-related names, including Chevron Corp., ExxonMobil Corp. and Kinder Morgan Inc., gained as West Texas Intermediate crude oil climbed $1.66 to $69.80 a barrel. WTI crude has not closed above $70 since Aug. 3.
Elsewhere, Moderna Inc. will over the next few weeks seek global approval to give its vaccine to children as young as 5 years old, according to a report from Der Spiegel, citing the firm’s top two executives.
Ticker Security Last Change Change % MRNA MODERNA, INC. 454.12 -1.80 -0.39%
Wells Fargo & Co. agreed to pay a $250 million fine tied to its mortgage business.
Ticker Security Last Change Change % WFC WELLS FARGO & CO. 44.83 +0.47 +1.05%
In earnings, Kroger Co. said it expects a smaller annual same-store sales decline than previously expected as a resurgence of COVID-19 cases has caused more customers to continue cooking at home.
American Outdoors Brand Inc. reported earnings and revenue that exceeded Wall Street estimates and reaffirmed its outlook for the current fiscal year. Both earnings and rev
Overseas markets were in rally mode.
European bourses all gained with Britain’s FTSE 100 rising 0.33% while Germany’s DAX 30 and France’s CAC 40 jumped 0.39% and 0.1%, respectively.
In Asia, Hong Kong’s Hang Seng index surged 1.91%, Japan’s Nikkei 225 advanced 1.25% and China’s Shanghai Composite edged up 0.27%.