Stocks saw a decline in the middle of the day on Tuesday, with major indexes like the Dow Jones Industrial Average, Nasdaq, and S&P 500 all posting losses. Nvidia also eased from its earlier highs after reaching a record close the day before.
The Dow Jones index was down 0.2% and remained below its 50-day moving average, while the S&P 500 and Nasdaq also saw declines of 0.5% and 0.4% respectively. The Russell 2000, a small-cap index, saw the biggest drop of 1.2%.
Volume on the Nasdaq and NYSE fell from the previous session, with the Innovator IBD 50 ETF experiencing a significant 1.6% drop for the sixth consecutive day.
The Labor Department’s JOLTS report showed April job openings slightly below expectations at 8.059 million. Meanwhile, the 10-year Treasury yield declined by 6 basis points to 4.34% and oil prices fell by over 1.7%.
Stocks like Tesla, Intel, Powell Industries, Pan American Silver, GameStop, HealthEquity, Donaldson, Bath & Body Works, and Core & Main all saw movements in response to various news and earnings reports.
In a somewhat surprising move, Tesla CEO Elon Musk requested that Nvidia divert chip shipments from Tesla to his social media platform. The email exchange could potentially impact Tesla’s ability to develop new technologies.
Moving forward, investors will need to keep an eye on various factors impacting the stock market, such as economic data, company earnings, and global trends. It’s always important to stay informed and make informed decisions when it comes to stock investments.
