S&P 500 Falls 34 Points: Airline Stocks Fall on Federal Aid Deal; Walmart Starting Prime Competitor but Amazon Stock Stays Above $3,000

The S&P 500 (SNPINDEX: ^GSPC) closed down 34.4 points, or 1.1%, on July 7. This breaks a streak of positive days for the market index that started last month.

The biggest news moving the market today was word that five more U.S. airlines had signed letters of intent to accept federal aid under the CARES Act, reminding investors that even with the improvements in economic activity we have seen, the travel and related industries are still in serious trouble.

Looking beyond the airline and aerospace industries, word that Walmart (NYSE: WMT) is launching a subscription service soon gave its shares a boost. The news brought Amazon.com (NASDAQ: AMZN) shares down modestly, but not enough to drop them below $3,000 after closing above the mark for the first time yesterday.

Source Fool.com