Stocks fell on Wall Street, continuing a weak stretch on this holiday-shortened week. The S&P 500 fell 31.35 points, or 0.7%, to 4,465.48. The Dow Jones Industrial Average fell 198.78 points, or 0.6%, to 34,443.19. The Nasdaq composite fell 148.48 points, or 1.1%, to 13,872.47. Treasury yields rose following data showing the US services sector remains strong. Roku rose 2.9% after saying it would cut 10% of its staff, around 360 people, and limit new hiring. The streaming platform also raised its forecast for quarterly revenue, the AP reports.
Big technology stocks were among the biggest drags on the market. Apple fell 3.6% and Nvidia was 3.1% lower. Health care stocks had some of the broadest losses. Johnson & Johnson fell 1.7% and Pfizer shed 2.9%. Several companies made big moves after reporting earnings and other updates. AeroVironment jumped 20.7% after the maker of unmanned aircraft raised its sales forecast for the year.
Investors face a relatively quiet week as they come off the Labor Day holiday and a busy August. The services sector in the US remained healthy, according to a survey from the Institute for Supply Management. The survey showed that the sector, which employs most Americans, grew at a faster pace than economists expected in August. The sector is among the biggest pieces of the US economy and it has remained resilient throughout 2023 despite persistent inflation and rising interest rates squeezing consumers. "That suggests there is still a tremendous amount of demand for the services sector," says Tom Hainlin, national investment strategist at US Bank Wealth Management.
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