Stocks were mixed on Tuesday as investors weighed renewed tensions between the United States and China with House Speaker Nancy Pelosi visiting Taiwan. The tech-heavy Nasdaq traded on each side of the flatline to ultimately trade lower at closing, while the Dow Jones Industrial Average fell over 400 points and the S&P 500 slipped 0.6% lower.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For economic news, the labor market showed more signs of slowing on Tuesday, with the latest Job Openings and Labor Turnover Survey posting 10.7 million job openings in June--much lower than analyst expectations for a 11.14 million print. This marked the fewest number of job openings since September 2021.
Crude oil futures edged higher on Tuesday ahead of an OPEC+ meeting this week than may tighten supply amid concerns of a looming global recession that could limit energy demand. West Texas Intermediate
On the earnings front, Dow component Caterpillar
Meanwhile, Uber Technologies
"Driver engagement reached another post-pandemic high in Q2, and we saw an acceleration in both active and new driver growth in the quarter," CEO Dara Khosrowshahi said in a statement. "Against the backdrop of elevated gas prices globally, this is a resounding endorsement of the value drivers continue to see in Uber."
Elsewhere, Pinterest
The news overshadowed Pinterest's disappointing earnings report posted after market close on Monday that missed on both earnings and revenue.
Looking ahead, market participants are watching for earnings from companies such as Starbucks