Due to ongoing economic uncertainty resulting from the spread of COVID-19, US stocks were mixed Tuesday.
Goldman Sachs has downgraded its 2021 GDP projection to 5.87%, from 6.2% in the prior estimate.
The Nasdaq 100 reached record heights thanks to mega-cap tech, while the Dow Jones dropped 250 points.
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US stocks were mixed Tuesday with record highs for the Nasdaq and a drop of more than 250 points for the Dow Jones Industrial Average.
The ongoing economic uncertainty was the focus of Tuesday's Goldman Sachs downgraded their 2021 GDP forecast from 6.2% to 5.7%. This was due to the continued spread of the COVID-19 Delta variant. This was after the soft August jobs report last week, in which the US added only 235,000 jobs.
Goldman stated that "The Delta variant already weighs on Q3 growth, while fading fiscal stimulus will also be a headwind in the medium term, and a slower recovery of the service-sector sector will both be headwinds," Goldman said.
However, mega-cap tech stocks performed well on Tuesday with Netflix and Apple both cruising to new all-time highs. Apple has sent invitations to a media event on September 14, where it will most likely unveil its iPhone 13 lineup.
Here are the US indexes at 4:00 p.m. ET closes on Tuesday
Bitcoin and Ethereum both experienced intra-day drops of around 20% on Tuesday while altcoins such as dogecoin dropped about 30%. These crypto moves came after El Salvador adopted bitcoin on Tuesday as its legal tender.
Coinbase shares fell as high as 6% due to the increased volatility of cryptocoins. Although the crypto exchange platform claimed that some transactions had been delayed or cancelled, the issue has been resolved.
After Match Group was added to the S&P 500 index this month, shares of Match Group shot up as high as 15% on Tuesday morning trades
Sol token of Solana rose 37% in the last 24 hours, as record investments were made by the cryptocurrency thanks to its DeFi (and NFT) capabilities.
George Soros called BlackRock's China investment push a "tragic error" that will eventually hurt the US.
Tesla shares rose as high as 4% to their highest level in just four months thanks to a bullish technical setup that saw its 50-day moving mean surpass its 200-day moving mean.
Oil prices fell. West Texas Intermediate crude fell as high as 1.63% to $68.16 per barrel. Brent crude oil, the international benchmark for oil, dropped 0.83% to $71.64 a barrel.
Gold dropped as much as 2.02% to $1,796.60 an ounce.