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STOCK MARKET NEWS: Uber, Pinterest jump, tech CEOs warn workers, job openings update

by WOOWinvest
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STOCK MARKET NEWS: Uber, Pinterest jump, tech CEOs warn workers, job openings update

U.S. stock futures were lower in early trade on Tuesday.

Stocks pared early gains and ended slightly lower on Monday as investors kicked off another busy week of corporate earnings and economic reports.

The major indexes traded between gains and losses for much of Monday before falling in the afternoon.

The S&P 500 lost 11.66 points, or 0.3 percent, to 4118.63. The Dow Jones Industrial Average fell 46.73 points, or 0.1%, to 32,798.40. The tech-heavy Nasdaq Composite fell 21.71 points, or 0.2%, to 12,368.98.

U.S. stocks have rallied sharply in recent weeks, boosted by positive signals from earnings and expectations that the Federal Reserve may not need to raise interest rates as aggressively as once thought, spurring government bonds to rise alongside stocks.

August is off to a sluggish start after a strong rally in stocks last month: July was the S&P 500’s best month since November 2020.

But this week’s slew of economic reports and corporate earnings have made traders “a little cautious,” said Lindsey Bell, chief market and currency strategist at Ally Invest.

“Investors are still evaluating where we break out from here — further upside or reversal,” Bell said.

The benchmark S&P 500 fell 11.66 points to 4,118.63. It rose 9.1% in July but is still down 13.6% this year.

The Dow lost 46.73 points to end at 32,798.40, while the Nasdaq lost 21.71 points to 12,368.98. The Russell 2000 closed down 1.92 points at 1,883.31.

Banks, healthcare companies and technology stocks are the most heavily weighted stocks in the S&P 500.

JPMorgan Chase fell 1%, UnitedHealth Group fell 1.3% and Intuit fell 1.7%.

Meanwhile, Asian stocks traded lower on Tuesday.

Japan’s Nikkei fell 1.54% and Taiwan’s stock index fell 1.87%. Chinese blue chips fell 2.47%, while Hong Kong’s Hang Seng index fell 2.71%.

Australian shares recovered losses and the Aussie weakened after the RBA raised its key interest rate by 50 basis points, with markets interpreting the change in the accompanying policy statement as dovish.

“We knew from the beginning that (Pelosi’s trip) would drive risk aversion in the region,” said Carlos Casanova, senior economist at Union Bank in Hong Kong.

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