“Should the data remain weaker than expected, the equity market will take it negatively,” said Mark Grant, chief global fixed income strategist at B. Riley Securities Inc.
“I’m not expecting anything dramatic, but I do expect a continued downtrend in stocks and a lower yield on Treasuries.”
In moves driven by mergers and acquisitions, Translate Bio surged 29.1% after France’s Sanofi agreed to buy the American biotech company in a $ 3.2 billion deal.
Under Armor Inc and Ralph Lauren Corp were up 6.4% and 9.1%, respectively, after raising their forecast for annual revenue.
Overall, earnings for S&P 500 firms are estimated to have risen about 90% in the second quarter from forecasts of 65.4% in early July, according to IBES data from Refinitiv.
Forward issues outnumbered declining 1.10-1 on the NYSE and 1.35-1 on the Nasdaq.
The S&P index posted 52 new 52-week highs and three new lows, while the Nasdaq posted 74 new highs and 85 new lows. (Information from Sagarika Jaisinghani, Sruthi Shankar and Shashank Nayar in Bengaluru; Edited by Arun Koyyur)