Stocks open mixed on Wall Street as investors weigh a rise in coronavirus cases in the U.S. against upbeat economic data in Europe.
Workers wearing masks walk by the New York Stock Exchange during the coronavirus pandemic, Thursday, July 9, 2020, in New York.
The Dow Jones Industrial Average was virtually flat at 25,706, while the Nasdaq composited fell 0.7% from its record. Most stocks in the market were up, though, and the Russell 2000 index of small-cap stocks was 0.2% higher.Treasury yields were dipping a bit, while the price of gold peeked higher in another sign of caution continuing to hang over markets. Even Chinese stocks took a break from their torrid run. Stocks in Shanghai slumped nearly 2% for their first drop in nearly two weeks.
A report on Friday showed that prices at the wholesale level fell last month from May, a weaker reading than the growth that economists were expecting. It’s a signal of how weakened activity throughout the economy is keeping a lid on inflation. Because these tech giants are so big — just five of them make up 23% of the S&P 500′s market value — their movements have outsized sway on market indexes. That helped weigh on the S&P 500, even though most stocks in the index rose.
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