Wall Street ends in decline, fears over growth and taxation – archyde

by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended lower on Tuesday, obsessed with uncertain prospects for growth or taxation in the United States, despite the gains made at the start of the session after the monthly inflation statistic.

The rise in basic consumer prices in the United States slowed sharply in August, to their weakest pace in six months, which in the eyes of investors would distract investors from the prospect of a rapid tightening of the monetary policy of the Reserve. federal.

But the optimism after the statistic was released faded over the course of the session due to doubts about the strength of the US economy’s rebound or the possible adoption of the $ 3.5 trillion budget proposal. from Joe Biden’s administration, which could include a corporate tax rate hike from 21% to 26.5%.

“Several statistics have missed expectations and this coincides with the rise of the Delta variant (of the new coronavirus)”, noted in particular a portfolio manager, Paul Nolte (Kingsview Asset Management), in Chicago.

The Dow Jones index fell -0.84%, or 292.06 points, to 34,577.57 points.

The larger S & P-500 lost 25.6 points, or -0.57%, to 4,443.13 points.

The Nasdaq Composite fell by 67.82 points (-0.45%) to 15,037.76 points.

At values, Apple dropped 0.95% after the presentation of its new smartphone, the iPhone 13, a new tablet and a new Apple Watch.

The New York-listed share of German biotech CureVac fell 8% after the cancellation of a manufacturing contract for its COVID-19 vaccine candidate with Swiss group Celonic and Germany’s Wacker.

(French version Jean-Stéphane Brosse)