10th September 2021 Morning Report

Friday 10th September 2021

Both the Dow and the S&P 500 markets declined for the fourth straight session, while Nasdaq lost ground for a third straight session as concerns rise about the economic recovery amid the resurgence in COVID-19 cases. The Dow Jones Industrial Average dropped 0.43%, while the S&P 500 index and the Nasdaq Composite indices fell 0.46% and 0.25%, respectively. United Airlines Holdings Inc. warned yesterday that quarterly revenue will decline 33% from a year ago as the delta variant has resulted in weaker travel demand. Capacity is expected to be at least 28% below year-ago levels, worse than the previous forecast. Delta Air Lines Inc. also advised that quarterly adjusted revenue would be at the low end of its previous guidance. Lululemon expects to exceed its 2023 revenue target by the end of this year as the pandemic-fuelled spending boom on athletic apparel showed no signs of slowing down.

Other key markets were mainly mixed, with European stocks choppy. France’s CAC 40 and Germany’s DAX 30 were marginally higher 0.24% and 0.08% respectively, after the European Central Bank kept rates unchanged and said it would begin to taper its asset purchase plan. Britain’s FTSE 100 declined 1.01%. Hong Kong’s Hang Seng index dropped 2.3% and China’s Shanghai Composite rose 0.49% and Japan’s Nikkei 225 fell 0.57%.

West Texas Intermediate crude oil declined $1.16 to $68.14 a barrel and gold rose $6.70 to $1,797.40 an ounce.

Morning Report 10 September 2021

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