PPG - Delta Jitters Weigh Dow at Close

The Dow Jones Industrial Average fell on Tuesday amid lingering concerns about the Delta variant's impact on the economic reopening.

The 30-stock index plummeted 268.16 points to 35,100.93, dragged down by a 2% loss in Boeing's stock.

The S&P 500 retreated 15.4 points to 4,520.03, after hitting all-time highs last week.

The NASDAQ Composite poked toward another new all-time high, up 10.81 points to 15,374.33.

Goldman Sachs downgraded its economic outlook over the weekend, citing the delta variant and fading fiscal stimulus. Goldman now sees 5.7% annual growth in 2021, below the 6.2% consensus. The firm cut its fourth-quarter GDP outlook to 5.5%, down from 6.5%.

Boeing shares were lower after the Wall Street Journal reported deliveries for the 787 Dreamliner would likely be further delayed. PPG Industries, a paint maker, warned that sales may fall short this quarter because of logistics issues and higher commodity costs. Shares of PPG Industries ticked 3.4% lower.

Drug stocks including Johnson & Johnson, Merck and Amgen all closed lower after Morgan Stanley downgraded the three stocks.

Year-to-date, the Dow is up 14.7%, the S&P is up 20.3% and the NASDAQ is up 19.3%, although investors and analysts are still on the lookout for a major correction in September.

Prices for 10-Year Treasurys sagged, raising yields to 1.37% from Friday's 1.32%. Treasury prices and yields move in opposite directions.

Oil prices backtracked 95 cents to $68.34 U.S. a barrel.

Gold prices plunged $38.00 to $1,795.70 U.S. an ounce.