Stocks drifted lower on Wall Street on Tuesday as long-term Treasury yields ticked higher, pressuring the market.
- The S&P 500 fell 12.85 points, or 0.2%, to 7,670.84.
- The Dow Jones Industrial Average fell 131.59 points, or 0.3%, to 51,349.92.
- The Nasdaq composite fell 22.84 points, or 0.1%, to 26,797.54.
Stocks have been under pressure as oil prices have swung sharply amid the US war with Iran, helping to push Treasury yields higher. The yield on the 10-year Treasury rose to 5.25% and touched its highest level in 24 years, the
AP reports. The price of Brent crude oil fell 1.7% to $96.16 a barrel, but remains far above where it was this summer.
Major indexes shifted lower after a quiet morning as rising bond yields undercut much of the heavy lifting being done by several technology behemoths. Nvidia, the market's most influential stock, gave up an early gain and closed 0.7% lower. Broadcom rose 1.6%. Energy stocks had some of the broadest losses. Exxon Mobil fell 0.7%.
Shares of CarMax rose 4.7% after the used car dealership chain reported soaring second-quarter revenue and delivered profits that easily beat Wall Street expectations. The company also announced changes to its executive leadership. Oura, the maker of wearable digital health accessories and jewelry, said Tuesday that it was postponing its initial public offering, despite strong demand, due to uncertainty in the IPO market. With only one day left in September, the S&P 500 is on pace for a slight monthly loss after posting a 2.6% gain in August. The benchmark index is up 12.1% so far this year.
- Wall Street will see several big economic updates this week that could help investors and the Federal Reserve get a better sense of where inflation is headed and how households and businesses are dealing with high prices. The latest update on the jobs market Tuesday showed that US employers posted fewer job openings in August.
- The jobs market has been resilient even as stubbornly high inflation squeezes businesses and households. Wall Street will get a broader update on Friday, when the US releases its monthly employment report for September.
- Households have been facing higher prices on everything from gasoline to clothing as the US war with Iran curtails oil shipments through the Strait of Hormuz. The latest update on consumer confidence from business group The Conference Board shows a slump in September. Consumer confidence dipped to its lowest level in 12 years.
- Stubbornly high inflation has been sapping consumer confidence and pressuring the Fed, which recently raised its benchmark interest rate in an effort to cool prices. The latest update of the central bank's preferred measure of inflation will be released on Wednesday. Economists expect the personal consumption expenditures index, or PCE, to show that the rate of inflation rose 3.7% in August, matching July's reading.
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