The Nasdaq led U.S. stock indexes lower Tuesday morning, dropping 0.8% as crude oil prices jumped and Treasury yields rose. Nvidia and Micron Technology both declined, and the Invesco QQQ Trust gave up 1.1%. Job openings data for July missed forecasts, and the two manufacturing gauges released Tuesday came in mixed against expectations.
The Nasdaq fell 0.8% Tuesday morning, the steepest drop among the major U.S. indexes, as crude oil prices climbed and bond yields moved higher. The Dow Jones Industrial Average shed 0.4%, and the S&P 500 handed back around 0.5%. Small caps also lagged, with the Russell 2000 giving up 0.7%.
West Texas Intermediate crude futures jumped nearly 3%, to around $88 a barrel. At the same time, the 10-year Treasury yield bumped up near 4.77%. Bitcoin fell to roughly $77,800 over the same stretch. Among exchange-traded funds, the Invesco QQQ Trust gave up 1.1%, while the SPDR S&P 500 ETF Trust ceded 0.5% Tuesday morning.
Nvidia shares declined more than 1% premarket Tuesday, threatening to erase Monday's 1.5% gain and falling further below a 227.92 cup-with-handle entry. Micron Technology, meanwhile, dropped more than 2% as the memory-chip maker tries to regain its 50-day moving average, a key resistance level.
The Labor Department reported 7.271 million job openings in July, short of the 7.358 million expected but above June's revised 7.182 million. The S&P Global Purchasing Managers' Manufacturing Index held steady at 53.9 in August, topping the 53.2 forecast. The Institute for Supply Management's own gauge told a different story, falling to 54.6 versus a 55.2 prediction and lagging July's 55.6 reading. Readings above 50 on both manufacturing gauges still indicate expansion.
Source: Investor's Business Daily
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