Wall Street stock indices slipped on Tuesday on uncertainty over the legality of US President Donald Trump’s tariffs and ahead of crucial economic data.
As of 12:30 PM Eastern Time, the S&P 500 sank 1.4%, the Dow Jones Industrial Average was down 1.1%, and the Nasdaq Composite was 1.7% lower.
As of 10:10 AM Eastern Time, the S&P 500 sank 0.9%, the Dow Jones Industrial Average was down 0.7%, and the Nasdaq Composite was down 1.1%.
At the open, the Dow Jones Industrial Average fell 257.1 points, or 0.56%, to 45,287.73. The S&P 500 fell 58.7 points, or 0.91%, to 6,401.51, while the Nasdaq Composite dropped 369.0 points, or 1.72%, to 21,086.575.
On Friday, a US court ruled that many of Trump’s tariffs were illegal, but allowed the levies to stay in place until mid-October.
This week’s economic calendar includes reports on manufacturing and services sector activity, as well as the jobs report for August.
In the bond market, the 10-year Treasury yield climbed to 4.27% from 4.23% late on Friday.
Gainers and Losers
Semiconductor giant Nvidia Corp’s stock fell 3.6%.
Among other megacap stocks, Amazon dropped 2.2% and Alphabet sank 2.5%.
Kraft Heinz shares declined 4.8% after the food manufacturer announced it plans to split into two separate companies.
Constellation Brands stock tumbled 6.8% after the beer, wine and spirits maker warned that it’s seen a slowdown in sales of its high-end beers.
PepsiCo shares rose 2.9% after Elliott Management said it sent suggestions to the company’s board to reaccelerate its growth and boost financial performance.
Bullion
Gold prices rose to an all-time high on Tuesday on growing hopes of a Federal Reserve rate cut.
As of 10 AM EDT (1400 GMT), spot gold was up 0.5% at $3,491.47 per ounce, after hitting a record high of $3,508.50. US gold futures for December delivery gained 1.1% to $3,554.30.
Among other metals, spot silver was down 0.5% at $40.48 per ounce, platinum lost 0.7% to $1,389.75, and palladium fell 1.4% to $1,121.75.
Crude Oil
Oil prices surged on Tuesday ahead of an OPEC meeting on Sunday.
Brent crude rose 31 cents, or around 0.45%, at $68.46 a barrel by 1317 GMT. US West Texas Intermediate crude was at $64.96 a barrel, 95 cents or nearly 1.48% higher.
Investors awaited a meeting of eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7.
