(Sharecast News) - Major indices were in the red early on Tuesday, as traders awaited this week's Federal Reserve decision and another jump in Treasury yields weighed on sentiment.
As of 1500 BST, the Dow Jones Industrial Average was down 0.55% at 52,130.57, while the S&P 500 shed 0.17% to 7,607.16 and the Nasdaq Composite came out of the gate 0.18% softer at 26,139.74.
The Dow opened 290.63 points lower on Tuesday, extending losses recorded in the previous session as investors assessed fresh uncertainty around the artificialintelligence IPO pipeline and monitored another jump in oil prices.
Bond yields were in focus early on Tuesday as the yield on the 10year note briefly climbed to 5.041%, its highest level since 2007, extending a global bond selloff driven by concerns that the USIran conflict will stoke inflation and force central banks into a more hawkish stance.
Oil prices also pushed higher after Saudi Arabia shut a key pipeline that bypasses the Strait of Hormuz, with Brent trading 0.29% higher at $101.68 a barrel and West Texas Intermediate up 0.19% at $105.88 a barrel. Rising crude and surging yields will keep focus firmly on Wednesday's Fed meeting, where futures imply a 92% chance of a quarterpoint rate hike.
Elsewhere, Treasury Secretary Scott Bessent will testify before the House Financial Services Committee later on Tuesday, with inflation, energy prices and the economic fallout from the Iran war likely to dominate questioning. "The strength of our economy has allowed the United States to wage the greatest economic isolation campaign in the history of the world against the Islamic Republic of Iran and its enablers," Bessent was expected to tell the committee.
On the macro front, September's NY Empire State manufacturing index decreased to 7.60 points, according to the Federal Reserve Bank of New York, down from 20.60 points in August but remaining in positive territory. New orders edged up and unfilled orders increased, while shipments dipped slightly, delivery times lengthened sharply and supply availability worsened again, pointing to continued pressure on input sourcing. Inventories also moved higher.
Firms remained broadly upbeat about the outlook, with the future business conditions index printing at 29.0, as respondents said they were expecting gains in orders, shipments and employment over the coming months. Supply availability, on the other hand, was anticipated to deteriorate further, while price increases were expected to remain elevated.
In the corporate space, Trip.com will report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $99.46 5.22%
Microsoft Corp. (MSFT) $504.49 1.77%
Chevron Corp. (CVX) $215.20 1.46%
Cisco Systems Inc. (CSCO) $110.68 0.84%
Dow Chemical Co. (DOW) $29.05 0.48%
Visa Inc. (V) $375.02 0.21%
Caterpillar Inc. (CAT) $785.66 0.21%
Salesforce.Com Inc. (CRM) $259.35 0.19%
Travelers Company Inc. (TRV) $377.68 0.07%
International Business Machines Corporation (CDI) (IBM) $248.47 0.02%
Dow Jones - Fallers
Johnson & Johnson (JNJ) $260.93 -1.82%
Merck & Co. Inc. (MRK) $142.45 -1.52%
Amgen Inc. (AMGN) $376.61 -1.42%
Nike Inc. (NKE) $36.52 -1.35%
Procter & Gamble Co. (PG) $144.04 -1.29%
Unitedhealth Group Inc. (UNH) $378.55 -1.24%
Goldman Sachs Group Inc. (GS) $976.92 -1.17%
Coca-Cola Co. (KO) $88.39 -0.95%
Home Depot Inc. (HD) $308.05 -0.91%
Walt Disney Co. (DIS) $107.58 -0.89%
S&P 500 - Risers
QUALCOMM Inc. (QCOM) $187.99 8.16%
Fortinet Inc. (FTNT) $170.30 6.01%
Intel Corp. (INTC) $99.69 4.80%
Illumina Inc. (ILMN) $213.52 4.70%
Advanced Micro Devices Inc. (AMD) $505.67 4.14%
Revvity, Inc. (RVTY) $133.17 3.96%
Hewlett Packard Enterprise (HPE) $56.84 3.12%
Wells Fargo & Co. (WFC) $91.45 3.09%
Akamai Technologies Inc. (AKAM) $105.73 3.07%
Thermo Fisher Scientific Inc. (TMO) $628.76 3.00%
S&P 500 - Fallers
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Synopsys Inc. (SNPS) $374.60 -4.45%
Northern Trust Corp. (NTRS) $178.52 -4.33%
Booking Holdings Inc. (BKNG) $172.85 -4.25%
Charter Communications Inc. (CHTR) $142.21 -3.90%
Chipotle Mexican Grill Inc. (CMG) $35.21 -3.67%
Mattel Inc. (MAT) $13.66 -3.67%
Equity Residential (EQR) $63.66 -3.50%
Cadence Design Systems Inc. (CDNS) $275.20 -3.35%
Xcel Energy Inc. (XEL) $73.22 -3.28%
Nasdaq 100 - Risers
QUALCOMM Inc. (QCOM) $187.99 8.16%
Intel Corp. (INTC) $99.69 4.80%
Illumina Inc. (ILMN) $213.52 4.70%
Texas Instruments Inc (TXN) $265.23 2.96%
Marriott International - Class A (MAR) $340.61 2.76%
Meta Platforms Inc. (META) $674.82 2.43%
Micron Technology Inc. (MU) $931.33 2.37%
J.B. Hunt Transport Services Inc. (JBHT) $273.80 2.22%
Cognizant Technology Solutions Corp. (CTSH) $63.93 2.17%
NetEase Inc. Ads (NTES) $119.50 2.14%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Synopsys Inc. (SNPS) $374.60 -4.45%
Booking Holdings Inc. (BKNG) $172.85 -4.25%
Charter Communications Inc. (CHTR) $142.21 -3.90%
Cadence Design Systems Inc. (CDNS) $275.20 -3.35%
Comcast Corp. (CMCSA) $24.68 -2.85%
DENTSPLY Sirona Inc. (XRAY) $10.26 -2.61%
Mondelez International Inc. (MDLZ) $62.04 -2.30%
Biogen Inc (BIIB) $215.11 -2.23%
Biomarin Pharmaceutical Inc. (BMRN) $65.18 -2.09%
43.01 (0.40%)
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