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The Closing Bell: Stocks Close Little Changed As Tech Sector Stumbles

edited September 2019 in The Bullpen
FYI: U.S. stocks fell Tuesday as renewed concerns about slowing global growth weighed on technology shares.

The Dow Jones Industrial Average rose 73 points, or 0.28%. The S&P 500 was up 0.03% as a decline in technology stocks offset gains elsewhere. The Nasdaq Composite shed 0.04%.

Shares of software companies and chip makers slumped, with Microsoft and Applied Materials dropping 1.6% and 1.2%, respectively. Both groups have come under pressure recently amid anxiety about the U.S.-China trade dispute and speculation over a downturn in the global economy.

Analysts were also monitoring Apple’s annual showcase this afternoon, where the tech giant revealed a trio of new iPhones. Apple shares ticked up 0.2%.

Data released Tuesday showed U.S. job openings fell for a second straight month in July, a potential indication that the recent hiring slowdown is a sign that companies are being cautious. Job openings, a closely watched measure of labor market health, dropped 3% from a year earlier in July to 7.217 million after declining 2% in June, the Labor Department said in its latest Job Openings and Labor Turnover Survey.

Unlike in the U.S., where investors seem fairly confident that an interest-rate cut is coming, European investors remain skeptical of how aggressive the ECB will be, said David Madden, a market analyst with CMC Markets.

Shares of Wells Fargo slipped 0.3% after UBS cut its rating on the bank to “neutral” from “buy,” saying the bank lacks visibility on profitability improvement.

The yield on the 10-year Treasury edged up to 1.688% Tuesday, from 1.632% Monday.

In commodities, U.S. crude oil slipped 0.8% to settle at $57.40 a barrel. Oil investors were eyeing a Thursday meeting of the Organization of the Petroleum Exporting Countries and its allies for indications of their agreed production goals. Additionally, the chief executive of Saudi Arabia’s state-run oil company on Tuesday said it is ready for an initial public offering whenever shareholders decide.

Gold prices fell 0.8% to settle at $1490.30 a troy ounce.

Elsewhere, the Stoxx Europe 600 rose 0.1%. Asian markets were muted, with the Shanghai Composite down 0.1% and Japan’s Nikkei 225 up 0.4%. Hong Kong’s Hang Seng was flat.

Bloomberg Evening Briefing:














WSJ: Markets At A Glance:

Major ETFs % Change:

SPDR's Sector Tracker:

SPDR's Bloomberg Sector Performance Pie Chart:

Current Futures:

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