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Wall Street settled mixed due to the covid-19

Wall Street closed mixed this Monday.

The Dow Jones cut 0.30% or 106.66 points and stood at 35,101.85, while the S&P 500 lost 0.09% or 4.17 points, to 4,432,35.

On the other hand, the Nasdaq composite index, bringing together the leading technology companies, advanced 0.16% or 24.42 points, to 14,860.18.

The New York stock market fell from the all-time highs on Friday, given the rebound in covid-19 cases due to the spread of the delta variant. It particularly affected the energy sector, which slipped by 1.48%, coinciding with the oil market’s bad streak for a week.

Real estate declined by 0.42%, the industrial sector lost 0.4%, and the technology dropped by 0.35%.

In contrast, the healthcare companies added 0.38% and essential goods companies advanced by 0.32%.

The nonfarm payrolls report, released Friday, showed a net 943,000 new jobs were created last month. Meanwhile, average hourly wages expanded by 4% from last year to just more than $30.50. The data triggered bets the Fed would begin decreasing the pace of its $120 billion in monthly bond purchases. At the same time, the central bank could increase interest rates.

Wall Street is waiting for new inflation data this week. With last week’s employment data, this news could determine when the Federal Reserve begins to withdraw its monetary stimulus.

Among the 30 Dow Jones stocks, the biggest losers were Chevron yielding 1.72%. Meanwhile, UnitedHealth slipped by 1%, and Amgen lost 0.98%.

As for the biggest increases, Walgreens hiked by 0.72%, and Goldman Sachs added 0.59%.

Analysts state that one or two 5% pullbacks are typical every year, even during a bull market. And it is likely to happen sometime soon.

David Kostin at Goldman Sachs wrote that the virus’s path and its economic impact are challenging to predict. Later in the year, ambiguity around fiscal and monetary policy will likely provoke volatility.

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