On Tuesday, the Dow Jones Industrial Average experienced a decline in response to key economic data being released later in the morning. Early movers in the stock market included Alphabet (GOOGL) and Apple (AAPL), both members of the Magnificent Seven.
After the market opened, the Dow Jones fell by 0.6%, while the S&P 500 dropped by 0.8%. The Nasdaq composite, which is more tech-heavy, went down by 1.2% in early trading.
The 10-year Treasury yield decreased to 3.74%, and oil prices also fell, with West Texas Intermediate futures trading at about $67.20 per barrel. Exchange-traded funds like the Invesco QQQ Trust and the SPDR S&P 500 ETF also saw declines.
Google stock saw a slight gain after a positive review from Pivotal Research, while Apple stock struggled following cautious comments regarding iPhone demand.
Economic data released included the Purchasing Managers’ manufacturing index and upcoming reports like the Institute for Supply Management’s manufacturing reading, construction spending, and the Labor Department’s Job Openings and Labor Turnover Survey. Key earnings movers for the day included Acuity Brands, McCormick, and Paychex.
Home Depot, a Dow Jones retailer, moved past a handle buy point, while other companies like Arista Networks, Spotify, Texas Roadhouse, and Wingstop showed various levels of performance and market movement.
Overall, the stock market demonstrated a mix of gains and losses, with several companies approaching or surpassing buy points. It is essential for investors to closely monitor market trends and company performances to make informed decisions when trading stocks.
