Stocks closed lower on Tuesday after a choppy trading session that saw the Nasdaq rise more than 1% at its highs and the Dow Jones eventually lost more than 1%.
When the closing bell rang on Tuesday, the S&P 500 was down 0.66%, the Dow was down 1.22%, and the Nasdaq was down 0.16%.
Stocks opened Tuesday’s session lower, with traders citing escalating tensions between the United States and China amid House Speaker Nancy Pelosi’s trip to Taiwan as a source of market pressure.
Stocks around the world tumbled Tuesday night before this trip, with major indices in Europe generally lower with Hong Kong’s Hang Seng down 2.3% and shares in Shanghai losing more than 2.2%. Japan’s Nikkei is down 1.4% overnight.
Tuesday’s economic data on the labor market showed a slowdown in the number of open jobs from June, with the latest survey of job openings and labor turnover showing that 10.7 million jobs were available at the start of the summer. This was the lowest number of vacancies since September 2021.
Federal Reserve officials have spoken in recent months of slowing the pace of jobs as a way to cool demand in the labor market and the broader economy without causing unemployment to rise.
On the earnings front, Uber (Uber) shares rose after the company reported a better-than-expected quarter across the board. Shares gained as much as xxxxx
The company reported revenue of $8.1 billion out of total bookings of $29.1 billion. Revenue was expected to reach $7.4 billion. Adjusted EBITDA also beat estimates, totaling $364 million versus expectations of $266 million. Uber also said it posted $382 million in free cash flow during the second quarter.
On the earnings side, too, Caterpillar (CAT) stock lost more than 5% Tuesday after the industrial giant reported quarterly returns that came in slight light of Wall Street estimates.
From the market anomaly section, shares of Chinese technology company AMTD IDEA Group (AMTD) surged as much as 300% on Tuesday as shares of AMTD Digital (HKD), a subsidiary of AMTD IDEA, surged up to 250% and gained more than 15,000% Since it went public last month.
In a statement issued early Tuesday, AMTD Digital said: “During the period since our initial public offering, the company has observed significant volatility in the price of our ADS, and has also noted some very active trading volume. To our knowledge, there are no material conditions, events or other matters relating to our company’s business and operational activities since the date of the IPO.”
The rally on the Nasdaq on Tuesday was also driven by several hard-hit VIPs who were the market leaders during some of the recent rally from the mid-June lows.
Names like Peloton (PTON), Coinbase (COIN), Roku (ROKU), Palantir (PLTR) and Virgin Galactic (SPCE) all traded higher on Tuesday, with Peloton leading this group, gaining as much as 12.5% due to a lack of News. .
On Monday, Bloomberg reported that a clerical error by Barclays bankers could result in some Peloton owners earning a return of more than 1,000% on investments that have essentially gone bankrupt.
On Tuesday, the price of crude oil closed little changed at $94.25 a barrel the same as the price of gas in the United States Now down 17% Since its peak in mid-June to just under $4.17 a gallon.
GasBuddy’s Patrick de Haan said Monday the price of gas Likely to drop to less than $4 a gallon nationwide within the next ten days.
In the crypto markets, the price of Bitcoin (BTC-USD) fell more than 2% early Tuesday, but stood near $23,000 as the closing bell rang on Wall Street. A broad-based move hit the cryptocurrency markets early Tuesday morning amid risk sentiment in financial markets.
Cryptocurrency markets were also under pressure in the wake of the Nomad protocol hack late Monday, which lost nearly all of its funds totaling around $200 million.
In individual stock news, shares of Pinterest (PINS) gained more than 11% after activist investor Elliott Management confirmed a stake in the social media company making it Pinterest’s largest shareholder.
Elliott also backed Pinterest’s new CEO Bill Ready, calling Ready “the right leader to oversee the next phase of Pinterest’s growth.”
This news overshadowed a quarterly report from Pinterest that showed a decline in users as social media players continue to struggle in the changing digital advertising market. Pinterest shares gained up to 19% in pre-market trading.
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