Stocks mostly edged lower Tuesday, but the Dow Jones Industrial Average a hovered around the record high it set a day earlier. The S&P 500 fell 0.1% in morning trading. The Dow Jones Industrial Average shed 50 points, or 0.1%, a day after setting a record high. The Nasdaq slipped 0.3%.
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- Wall Street edged lower on Tuesday, with the Dow Jones Industrial Average slipping 50 points, or 0.1%, after setting a record high the previous day.
- The S&P 500 fell by 0.1%, while the Nasdaq dropped 0.3% in morning trading.
- Technology stocks weighed on the market for a second consecutive day, with Microsoft falling 0.7% and Apple slipping 0.4%.
- Nvidia, ahead of its financial results on Wednesday, rose 0.3%.
- Paramount’s parent company sank 5.8% after Edgar Bronfman Jr. withdrew his bid, potentially allowing Skydance to acquire it.
- Treasury yields increased, with the 10-year Treasury yield rising to 3.86% from 3.82% late Monday.
- Investors are awaiting Friday’s PCE inflation report, a key economic indicator.
- Germany’s DAX rose 0.4% following news of a 0.1% dip in the country’s GDP for the second quarter.
- China’s industrial profits increased by 4.1% in July, raising hopes amid economic challenges, but new Canadian tariffs on Chinese goods could impact its manufacturing sector.
- Asian markets were mixed in response to global developments.
The Associated Press has the story:
Wall Street slips, pulling the Dow below its record high
Newslooks- NEW YORK (AP) —
Stocks mostly edged lower Tuesday, but the Dow Jones Industrial Average a hovered around the record high it set a day earlier. The S&P 500 fell 0.1% in morning trading. The Dow Jones Industrial Average shed 50 points, or 0.1%, a day after setting a record high. The Nasdaq slipped 0.3%.
Technology stocks were the biggest weights on the market for a second straight day. Microsoft fell 0.7% and Apple slipped 0.4%. The stocks have an outsized impact on the broader market because of their big values. Semiconductor company Nvidia, with a total value topping $3 trillion, reports its latest financial results on Wednesday. It rose 0.3%.
The parent company of the Paramount movie studio sank 5.8% after Edgar Bronfman Jr., the former head of Warner Music Group, abandoned his bid for the company, clearing the way for it to be acquired by the media company Skydance. Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 3.86% from 3.82% late Monday.
The key economic report for investors this week will come on Friday, when the the government serves up its latest data on inflation with the PCE, or personal consumption and expenditures report, for July.
Germany’s DAX picked up 0.4% following a report that the country’s second-quarter gross domestic product fell by 0.1% from the previous quarter. China’s industrial profits jumped 4.1% in July compared to the previous year, with overall profits for the first seven months increasing 3.6%, bringing hopes to the market amid sluggish domestic demand, a housing downturn and employment worries.
But additional tariffs on China are clouding its manufacturing prospects. Canada announced a 100% tariff on the import of Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum on Monday, with the measures set to take effect on Oct. 1. Markets in Asia were mixed.
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