S&P 500 Closes Lower On Coronavirus Fears And Slowing Economy

The S&P 500 closed slightly lower on Monday, shedding gains on gains as concerns over the Delta strain and a slowdown in U.S. economic growth overshadowed optimism about increased fiscal stimulus and a robust reporting season.

The Federal Reserve could begin to cut support to the economy by October if the following two monthly employment reports indicate job growth in the range of 800,000 to 1 million, said Federal Reserve Board member Christopher Waller.

The challenge for the market is the heightened fear of growth,” said Rob Haworth, senior investment strategist at the U.S. Bank. “Whether it’s tightening restrictions in China, where morbidity is rising in 14 provinces or questions about how far the United States will have to go concerning the mandatory wearing of masks.

” The 500 shed 0.18% to 4.387.16, and the Nasdaq Composite added 0.06% to 14.681.07. Square, payment company of Twitter co-founder Jack Dorsey, jumped after announcing it would acquire pioneer Afterpay, a pioneer buys now, pay later service for $ 29 billion.