{Economic Information Daily, 14th} U.S. stocks fell across the board on Tuesday (13th), with memory chip stocks sold off, coupled with mixed earnings from major banks, dragging down the market. The Dow briefly rose over 460 points before turning to close nearly 180 points lower, ending three consecutive days of gains; the S&P 500 was nearly flat, while the Nasdaq dropped about 0.2%. Investors are also awaiting the U.S. September inflation data to assess the Federal Reserve's future interest rate path.
The Dow closed down 180.45 points, or 0.35%, at 51,670.1; the S&P 500 fell 1.79 points, or 0.02%, to 7,805.45; the Nasdaq declined 41.52 points, or 0.15%, to 27,204.38.
The U.S. third-quarter earnings season has begun, with major banks in the spotlight. JPMorgan Chase (US.JPM) reported third-quarter earnings and revenue below market expectations, closing down 0.9%. Wells Fargo (US.WFC) also reported revenue below analysts' expectations, with its stock falling 3.1%.
In the tech sector, memory chip stocks became the main source of market selling pressure. Micron Technology (US.MU) dropped about 3.6%, Western Digital (US.WDC) fell 1.6%, and SK Hynix (US.SKHY) ADR plunged 3.2%.
Among large-cap tech stocks, SpaceX (US.SPCX) fell 4.2%, Tesla (US.TSLA) declined 0.7%, Nvidia (US.NVDA) rose nearly 1%, Meta (US.META) gained 2.6%, Apple (US.AAPL) briefly hit a new high during the session, closing up 0.1%, Microsoft (US.MSFT) rose 0.4%, Google (US.GOOG) gained 0.2%, and Amazon (US.AMZN) dropped 0.4%.
Market focus shifts to the upcoming U.S. September Consumer Price Index (CPI) and Producer Price Index (PPI) releases this week. U.S. bond yields remain at relatively high levels, as investors assess the impact of inflation pressures, energy prices, and U.S. economic growth on the interest rate outlook.
*Dollar index retreats from recent highs*
In the foreign exchange market, the dollar index retreated from recent highs, trading around 102.18, down about 0.3%. The dollar-yen pair declined, supported by Japan's inflation data and market expectations of further rate hikes by the Bank of Japan. The dollar-yen briefly traded near 158.64 before falling to 158.29, down 0.2%. The euro-dollar pair rebounded, rising 0.4% to 1.12, reflecting the dollar's pullback from an 18-month high, providing support for the euro.
In precious metals, spot gold was soft on Tuesday, down 0.2%, at $4,161 per ounce; New York futures gold fell 0.1%, at $4,183 per ounce.
International oil prices diverged, with New York crude rising 1.2% to $94.91 per barrel, while Brent crude fell 0.1% to $106.5 per barrel. Markets continue to assess the impact of Middle East geopolitical tensions on crude supply, as well as the possibility of increased Russian diesel supply. (rc)
The Dow closed down 180.45 points, or 0.35%, at 51,670.1; the S&P 500 fell 1.79 points, or 0.02%, to 7,805.45; the Nasdaq declined 41.52 points, or 0.15%, to 27,204.38.
The U.S. third-quarter earnings season has begun, with major banks in the spotlight. JPMorgan Chase (US.JPM) reported third-quarter earnings and revenue below market expectations, closing down 0.9%. Wells Fargo (US.WFC) also reported revenue below analysts' expectations, with its stock falling 3.1%.
In the tech sector, memory chip stocks became the main source of market selling pressure. Micron Technology (US.MU) dropped about 3.6%, Western Digital (US.WDC) fell 1.6%, and SK Hynix (US.SKHY) ADR plunged 3.2%.
Among large-cap tech stocks, SpaceX (US.SPCX) fell 4.2%, Tesla (US.TSLA) declined 0.7%, Nvidia (US.NVDA) rose nearly 1%, Meta (US.META) gained 2.6%, Apple (US.AAPL) briefly hit a new high during the session, closing up 0.1%, Microsoft (US.MSFT) rose 0.4%, Google (US.GOOG) gained 0.2%, and Amazon (US.AMZN) dropped 0.4%.
Market focus shifts to the upcoming U.S. September Consumer Price Index (CPI) and Producer Price Index (PPI) releases this week. U.S. bond yields remain at relatively high levels, as investors assess the impact of inflation pressures, energy prices, and U.S. economic growth on the interest rate outlook.
*Dollar index retreats from recent highs*
In the foreign exchange market, the dollar index retreated from recent highs, trading around 102.18, down about 0.3%. The dollar-yen pair declined, supported by Japan's inflation data and market expectations of further rate hikes by the Bank of Japan. The dollar-yen briefly traded near 158.64 before falling to 158.29, down 0.2%. The euro-dollar pair rebounded, rising 0.4% to 1.12, reflecting the dollar's pullback from an 18-month high, providing support for the euro.
In precious metals, spot gold was soft on Tuesday, down 0.2%, at $4,161 per ounce; New York futures gold fell 0.1%, at $4,183 per ounce.
International oil prices diverged, with New York crude rising 1.2% to $94.91 per barrel, while Brent crude fell 0.1% to $106.5 per barrel. Markets continue to assess the impact of Middle East geopolitical tensions on crude supply, as well as the possibility of increased Russian diesel supply. (rc)
