STOCKS GO LOWER AS INVESTORS SEEK BETTER DIRECTION

Stocks edged lower in morning trading on Wall Street Tuesday (Wednesday, June 9, 2021, in Manila) while investors continue to search for direction as the economy recovers from its pandemic slump, Damian J. Troise reported for the Associated Press AP).

The S&P 500 fell 0.4% as of 11:26 a.m. Eastern. The Dow Jones Industrial Average fell 163 points, or 0.3%, to 34,466 and the Nasdaq fell 0.3%.

Banks were among the biggest drag on the market as bond yields, which banks rely on to charge more lucrative interest rates on loans, slipped. The yield on the 10-year Treasury fell to 1.53% from 1.57% late Monday.

Bank of America fell 1.1% and Citigroup fell 1.7%. Health care companies also fell. Johnson & Johnson slipped 1.6%.

A variety of companies that rely on direct consumer spending made solid gains. Domino’s Pizza rose 3.2% and Gap rose 2.2%.

The stock of Fastly, an internet cloud services provider, was 4.1% higher after the company said it had addressed an internal problem that caused dozens of websites around the globe to go down briefly, including the home page of Britain’s government and The New York Times.

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