The Dow Jones Industrial Average plummeted over 250 points on Tuesday as investors grew more concerned with the Delta variant's impact on economic recovery as the nation heads towards the tail end of the year. Elsewhere, the S&P 500 slipped slightly lower, while the Nasdaq edged higher to notch a fresh record close after the long holiday weekend.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Apple sets date for annual launch event:
Apple
This year, the tech giant is expected to introduce new iPhones, as well as a new Apple Watch and Airpods model; Apple usually releases new Apple Watches annually and AirPods have not seen an update since 2019.
Goldman Sachs downgrades U.S. economic outlook amid Delta surge:
Goldman Sachs
"The hurdle for strong consumption growth going forward appears much higher: 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 economists wrote in a note.
"Consumers will need to rotate from a very elevated level of spending on goods back to a normal level of spending on services. Spending on goods is likely to continue falling, though delayed purchases due to shortages of items such as new cars should slow the decline. But the rest of the service sector recovery will be much slower than the easy phase that followed vaccination, and with COVID fears likely to persist through the winter virus season, it might take a while for spending to recover in still-depressed categories such as very high-contact and office-adjacent services," the firm added.
Here's how benchmarks started trading after the long holiday weekend on Tuesday:
S&P 500 Index: -0.21% or -9.39 points to 4,526.04
Dow Jones Industrial Average: -0.33% or -117.50 points to 35,251.59
Nasdaq Composite Index: +0.02% or +2.43 points to 15,365.94