Stocks ended Tuesday's session split, with the S&P 500 inching forward while the Dow Jones Industrial Average and Nasdaq plumented lower as tech and other growth stocks took a hit for a second day in a row. The decline in those stocks comes as Treasury yields have risen following President Joe Biden's renomination of Fed Chair Jerome Powell on Monday.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Biden to tap into Strategic Petroleum Reserve to relieve rising fuel costs:
President Biden said Tuesday that the White House will tap into the Strategic Petroleum Reserve (SPR) as part of a global effort to combat the concerning rise in fuel prices. Together, the United States, India, China, Japan, Republic of Korea and the United Kingdom will release from their respective fuel reserves in a deal the first of its kind.
The U.S. plans to release 50 million barrels, with 32 million barrels from the total being in exchange over the next several months, while the remaining 18 million will be an acceleration of previously authorized sales.
"The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate [fuel] supply as we exit the pandemic," the White House said in a statement.
U.S. economic activity a mixed bag in early November:
Economic activity in both the U.S. services and manufacturing sectors showed split results in early November, with ongoing supply constraints and rising prices impacting growth in various service industries.
IHS Markit's preliminary November U.S. services purchasers index (PMI) unexpectedly fell to 57.0 from 58.7 in October, marking the lowest level in two months. However, readings above the neutral level of 50.0 indicate expansion in a sector.
The firm's manufacturing PMI, however, rose to a two-month high of 59.1 and match expectations. The manufacturing PMI stood at 58.4 in October.
Taken together with the drop in the services PMI, the composite PMI for November fell to 56.5 from 57.6 in October, in a sign of slowing overall growth.
"The slowdown underscores how the economy is struggling to cope with ongoing supply constraints," Chris Williamson, chief business economist for IHS Markit, wrote in a press statement. "Although supplier delivery delays eased to the lowest for six months, the lengthening of lead times remains far greater than anything seen prior to the pandemic, restricting output relative to demand and once again causing prices to rise sharply."
Here's how market benchmarks started trading soon after opening bell:
S&P 500 Index: -0.09% or -4.37 points to 4,678.48
Dow Jones Industrial Average: -0.00% or -1.30 points to 35,619.92
Nasdaq Composite Index: -0.27% or -43.03 points to 15,809.59
