X

US open: Stocks head south at the bell

Wall Street stocks were firmly in the red early on Tuesday as the Dow Jones looked set to fall short of extending Monday’s gains into the new session.
As of 1525 BST, the Dow Jones Industrial Average was down 0.69% at 31,660.48, while the S&P 500 was 1.67% softer at 3,907.28 and the Nasdaq Composite came out the gate 3.22% weaker at 11,163.87.

The Dow opened 219.76 points higher on Tuesday, taking a bite out of gains recorded in the previous session when investor sentiment got a boost after Joe Biden stated he was mulling over the idea of lowering tariffs on certain products imported into the States from China.

In focus on Tuesday, shares in social media outfit Snap crashed over 36% after the firm warned that it would miss earnings and revenue targets in its current trading quarter and also cautioned of a slowdown in hiring. Big-name tech firms Meta Platforms and Pinterest both took Snap’s lead and traded lower at the open.

In terms of earnings, Abercrombie & Fitch shares fell after it revealed freight and product costs had weighed on sales throughout the first quartet, while Best Buy shares dipped after reporting a mixed quarterly performance.

Still to come, Urban Outfitters, Toll Brothers, and Nordstrom will report their latest set of quarterly earnings after the close.

On the macro front, a flash reading of S&P’s global composite PMI printed at 53.8 in May, down from 56.0 in April, for the weakest rate of expansion of output across private sector firms in four months. The index is now below the series long-run average of 54.8.

Elsewhere, new US home sales decreased to 591,000 units in April, down from 709,000 units in March, according to the Census Bureau, while the Richmond Fed’s manufacturing index decreased to -9 points in May, down from 14 points in April.

Coming up next, Federal Reserve head Jerome Powell will deliver a speech at 1720 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones – Risers

McDonald’s Corp. (MCD) $241.43 1.44%
JP Morgan Chase & Co. (JPM) $126.36 1.42%
Coca-Cola Co. (KO) $63.42 0.89%
Merck & Co. Inc. (MRK) $94.54 0.76%
Procter & Gamble Co. (PG) $146.15 0.75%
Amgen Inc. (AMGN) $250.67 0.65%
Chevron Corp. (CVX) $172.76 0.61%
Johnson & Johnson (JNJ) $180.45 0.56%
International Business Machines Corporation (CDI) (IBM) $131.85 0.52%
Travelers Company Inc. (TRV) $172.88 0.45%

Dow Jones – Fallers

Walt Disney Co. (DIS) $101.83 -3.77%
Salesforce.Com Inc. (CRM) $154.81 -3.44%
Boeing Co. (BA) $119.94 -3.33%
Apple Inc. (AAPL) $139.49 -2.53%
Visa Inc. (V) $202.63 -2.38%
Nike Inc. (NKE) $106.39 -2.06%
Goldman Sachs Group Inc. (GS) $312.00 -1.46%
American Express Co. (AXP) $156.73 -1.45%
Intel Corp. (INTC) $41.46 -1.30%
Microsoft Corp. (MSFT) $257.78 -1.10%

S&P 500 – Risers

Best Buy Co. Inc. (BBY) $75.36 3.82%
AutoZone Inc. (AZO) $1,850.00 2.48%
H&R Block Inc. (HRB) $33.60 1.79%
Albemarle Corp. (ALB) $247.27 1.78%
O’Reilly Automotive Inc. (ORLY) $587.70 1.48%
Newmont Corporation (NEM) $68.42 1.47%
McDonald’s Corp. (MCD) $241.43 1.44%
JP Morgan Chase & Co. (JPM) $126.36 1.42%
Kellogg Co. (K) $69.42 1.39%
NortonLifeLock Inc. (NLOK) $24.99 1.38%

S&P 500 – Fallers

Meta Platforms Inc. (FB) $177.44 -9.58%
Omnicom Group Inc. (OMC) $70.27 -7.37%
Nordstrom Inc. (JWN) $20.00 -6.76%
Macy’s Inc. (M) $17.18 -6.48%
Alphabet Inc. Class A (GOOGL) $2,092.05 -6.18%
Alphabet Inc. Class C (GOOG) $2,096.10 -6.14%
Gap Inc. (GPS) $9.70 -6.05%
Nektar Therapeutics (NKTR) $3.36 -6.02%
Nvidia Corp. (NVDA) $159.95 -5.34%
Netflix Inc. (NFLX) $177.80 -5.14%

Nasdaq 100 – Risers

Vodafone Group Plc ADS (VOD) $16.32 1.92%
O’Reilly Automotive Inc. (ORLY) $587.70 1.48%
NortonLifeLock Inc. (NLOK) $24.99 1.38%
Charter Communications Inc. (CHTR) $477.20 0.75%
Gilead Sciences Inc. (GILD) $64.12 0.72%
Amgen Inc. (AMGN) $250.67 0.65%
Mondelez International Inc. (MDLZ) $62.43 0.63%
Kraft Heinz Co. (KHC) $39.19 0.53%
Costco Wholesale Corp. (COST) $431.63 0.50%
Electronic Arts Inc. (EA) $134.24 0.36%

Nasdaq 100 – Fallers

Meta Platforms Inc. (FB) $177.44 -9.58%
Mercadolibre Inc. (MELI) $708.34 -8.52%
Trip.com Group Limited (TCOM) $18.98 -6.64%
Alphabet Inc. Class A (GOOGL) $2,092.05 -6.18%
Alphabet Inc. Class C (GOOG) $2,096.10 -6.14%
JD.com, Inc. (JD) $50.31 -5.66%
Baidu Inc. (BIDU) $117.08 -5.58%
Nvidia Corp. (NVDA) $159.95 -5.34%
Netflix Inc. (NFLX) $177.80 -5.14%
Tesla Inc (TSLA) $642.84 -4.75%

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