Stocks closed lower on Wall Street Tuesday as traders returned from a long holiday weekend. The S&P 500 experienced a decrease of 0.4%, falling by 18.94 points to 4,496.83. This decline comes after the index achieved its second weekly gain. The Dow Jones Industrial Average also fell by 0.6%, or 195.74 points, to 34,641.97. The Nasdaq composite, on the other hand, experienced a minor decline of 0.1%, dropping 10.86 points to 14,020.95. With company earnings reports winding down and only a few government economic reports expected, including manufacturing, layoffs, and trade data, this week is anticipated to be quieter, according to the AP. DocuSign, GameStop, Dave & Buster’s, and Kroger are set to report their most recent quarterly financial results.
Industrial stocks experienced significant losses, especially Union Pacific, which fell by 2.4%. Conversely, technology stocks showed gains, with Microsoft rising by 1.5%. Energy stocks also rose as crude oil prices increased due to the announcement from Saudi Arabia and Russia regarding an extension of their voluntary production cut of 1 million barrels of oil per day until the end of the year. The price of benchmark Brent crude reached above $90 a barrel, a level unseen since November, during Tuesday afternoon trading. US crude oil prices rose by 1.3%, and Chevron experienced a corresponding increase of 1.3%. United Airlines, however, fell by 2.5% following a temporary halt in flight departures due to a technical glitch.
This week, Sam Stovall, chief investment strategist at CFRA, states that “there’s not much going on other than investors doing the mental arithmetic over whether the Federal Reserve will or will not continue to hike interest rates.” On Wednesday, the Institute for Supply Management will release its latest report on the US services sector, which employs the majority of Americans and plays a significant role in the economy. This report will provide further insight into how inflation is influencing consumer spending. Wall Street will also receive updates on the manufacturing sector and consumer credit.
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