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U.S. stock futures were trading lower early Tuesday morning.

On Monday, stocks gave up early gains and closed slightly lower on Monday as investors began another busy week of corporate earnings and economic reports.

The major indices spent much of Monday’s session swinging between gains and losses before falling in the afternoon.

The S&P 500 fell 11.66 points, or 0.3%, to 4118.63. The Dow Jones Industrial Average fell 46.73 points, or 0.1%, to end at 32,798.40. The technology-focused Nasdaq Composite Index lost 21.71, or 0.2%, to 12368.98.

US stocks have rallied furiously 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 it was thought, spurring a rally in government bonds alongside equities.

August’s subdued open follows a strong rally in equities last month: July was the best month for the S&P 500 since November 2020.

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

“Investors are still evaluating where we deviate from here – further up or down,” Bell said.

The benchmark S&P 500 index fell 11.66 points to 4,118.63. It is coming off a 9.1% gain in July, but remains down 13.6% for the year.

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

Banks, healthcare companies and technology stocks were among the heaviest weightings in the S&P 500.

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

Meanwhile, Asian stocks were down on Tuesday.

The Japanese Nikkei fell 1.54%, while the Taiwanese stock index fell 1.87%. Chinese blue chips fell 2.47% and Hong Kong’s Hang Seng lost 2.71%.

Australian equities pared their decline and the Australian dollar weakened after the central bank raised the benchmark rate by 50 basis points as expected as markets interpreted the policy statement changes as dovish.

“We knew from the start that (Pelosi’s trip) would be a driver of risk aversion sentiment in the region,” said Carlos Casanova, senior Asia economist at Union Bancaire Privée in Hong Kong.

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