Wall Street lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off driven by uncertainties surrounding the pace of the U.S. economic recovery. All 11 major sectors of the S&P 500 ended in the red, with financials suffering the largest percentage loss. Analysts expect aggregate year-on-year earnings growth of 65.4% for companies in the S&P 500 index, up from the 54% growth forecast made at the beginning of the quarter, according to Refinitiv. "Much like inflation data I want to see what earnings growth over two years rather than one," Pursche said. The S&P 500 posted 22 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 148 new lows.

Source: Mint July 08, 2021 20:26 UTC