US stocks retreat from record highs as Delta variant dampens economic outlook
- US stocks retreated from record highs on Tuesday amid a dampening economic outlook.
- Goldman Sachs reduced its GDP forecast, citing the ongoing Delta surge of COVID-19.
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US stocks retreated from their record highs on Tuesday, falling amid a dampened economic outlook due to the continued spread of the COVID-19 Delta variant.
Goldman Sachs lowered its 2021 GDP forecast to 5.7% from a prior estimate of 6.2%. The downgrade came after last week's soft August jobs report, with the US adding only 235,000 jobs.
"The Delta variant is already weighing on Q3 growth, and fading fiscal stimulus and a slower service-sector recovery will both be headwinds in the medium term," Goldman said.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:
- S&P 500: 4,526.51, down 0.2%
- Dow Jones Industrial Average: 35,252.78, down 0.33% (116.31 points)
- Nasdaq Composite: 15,361.39, down 0.01%
Shares of Match Group soared as much as 15% in early Tuesday trades after it was selected to be added to the S&P 500 index later this month.
Solana's sol token rocketed 37% higher in the past 24 hours as the cryptocurrency pulled in record investments thanks to its DeFi and NFT capabilities.
George Soros slammed BlackRock's investment push into China as a "tragic mistake" that will ultimately hurt the US.
Oil prices fell. West Texas Intermediate crude was down as much as 1.63%, to $68.16 per barrel. Brent crude, oil's international benchmark, fell 0.83%, to $71.64 per barrel.
Gold fell as much as 1.06%, to $1,814.30 per ounce.