NEW YORK: Wall Street's main indexes fell on Thursday with the S&P 500 slipping from a five-week high as concerns about the economic toll from rising coronavirus cases nationwide were amplified by data showing elevated levels of unemployment claims.
The jump in domestic case loads has forced states such as California to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5.8% away from its record high hit in February.
Rounding up earnings reports of big banks, Bank of America Corp fell 1.7% after its second-quarter profit more than halved, while Morgan Stanley rose 3.5% after posting a record quarterly profit.
At 11:02 a.m. ET, the Dow Jones Industrial Average was down 61.49 points, or 0.23%, at 26,808.61, the S&P 500 was down 21.28 points, or 0.66%, at 3,205.28. The Nasdaq Composite was down 169.82 points, or 1.61%, at 10,380.68.
Twitter Inc fell 1.5% as hackers accessed its internal systems to hijack some of the platform's top voices including US presidential candidate Joe Biden, reality TV star Kim Kardashian West, former US President Barack Obama and billionaire Elon Musk and used them to solicit digital currency.
American Airlines dropped 5.2% as it sent 25,000 notices of potential furloughs to frontline workers and warned that demand for air travel is slowing again.
Tesla Inc slipped 4.5% as its vehicle registrations nearly halved in the US state of California during the second quarter, according to data from a marketing research firm.
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