NEW YORK, July 7 — Wall Street stocks were mostly down early today, giving back some of the recent gains in a market that has appeared resilient despite surging US coronavirus cases.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.7 per cent at 26,103.78.

The broad-based S&P 500 shed 0.3 per cent to 3,171.12, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 10,451.18.

Major US indices gained more than 1.5 per cent yesterday, with the Nasdaq finishing at a fresh record, betting that continued stimulus from Washington and the trend of the reopening economy would more than offset rising Covid-19 counts in Texas, Florida and other US states.

But analysts said the early pullback today suggested the rally was losing steam.

Investors are beginning to focus on the upcoming second-quarter earnings period, which begins in earnest next week.

Companies in the S&P 500 are projected to suffer an average 43.8 per cent drop in profits during a period devastated by coronavirus shutdowns, according to Factset. — AFP