Wall Street Drifts Lower Again as Durable Goods Orders Slow; Dow Down 95 Pts

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Investing.com — U.S. stocks drifted lower again on Friday, on course for a fourth straight weekly loss, although tech stocks outperformed amid selective bargain-hunting.

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 95 points, or 0.4%, at 26,721 points. The S&P 500 was down 0.3% but the Nasdaq Composite was down only 0.1%..

The day’s only major economic data, if anything, reinforced the sense of unease over the outlook, with core durable goods sales rising only 0.4% in August, a clear slowdown from the summer months in which they rebounded vigorously from the first wave of the pandemic. 

The U.S. economic data continues to weaken. This means there is more need for stimulus,” said Naeem Aslam, chief market analyst with Avatrade, “In the absence of such, the stock market selloff is likely to become intense.”

Among the first stocks out of the blocks, Nikola (NASDAQ:NKLA) rose 7.0% and Tesla (NASDAQ:TSLA) rose 3.0%, at the end of a week that has seen heavy selling in both.