Stocks ended lower on Tuesday after a volatile trading session in which the Nasdaq gained more than 1% at highs and the Dow eventually lost more than 1%.
As the closing bell rang on Tuesday, the S&P 500 was down 0.66%, the Dow was down 1.22% and the Nasdaq was down 0.16%.
Stocks opened Tuesday’s session lower, with traders citing rising tensions between the US and China amid House Speaker Nancy Pelosi’s trip to Taiwan as a source of stress on the market
Stocks around the world fell overnight on Tuesday ahead of that trip, with Europe’s main indexes in the red across the board as Hong Kong’s Hang Seng fell 2.3% and shares of Shanghai lost more than 2.2%. Japan’s Nikkei fell 1.4% overnight.
Economic data released on Tuesday on the labor market showed a slowdown in the number of job openings in June, with the latest job openings and turnover survey showing 10.7 million jobs available at the beginning of summer. This was the lowest number of job openings since September 2021.
Federal Reserve officials have talked in recent months about slowing the pace of job creation as a way to cool demand in the labor market and the economy at large without causing unemployment to rise.
On the earnings side, shares of Uber ( UBER ) rebounded after the company reported a better-than-expected quarter in every way. The stock gained as much as xxxx
The company reported revenue of $8.1 billion on gross bookings of $29.1 billion. Revenue was expected to reach $7.4 billion. Adjusted EBITDA also beat estimates, totaling $364 million versus expectations of $266 million. Uber also said it posted $382 million in free cash flow in the second quarter.
Also on the earnings front, shares of Caterpillar ( CAT ) lost more than 5% on Tuesday after the industrial giant reported quarterly earnings that slightly missed Wall Street estimates.
From the market’s trivia department, shares of Chinese technology company AMTD IDEA Group ( AMTD ) surged as much as 300% on Tuesday as shares of AMTD Digital ( HKD ), a subsidiary of AMTD IDEA, are up as much as 250% and have gained over 15,000% since going public last month.
The story continues
In a statement released early Tuesday, AMTD Digital said: “During the period since our initial public offering, the company observed significant volatility in the price of our ADSs and also observed very high trading volume asset. To our knowledge, there are no material circumstances, events or other matters related to the business and operating activities of our company since the date of the IPO.”
The rally in the Nasdaq on Tuesday was also fueled by several much-maligned big-flyers who have been market leaders during some of the recent rallies from mid-June lows.
Names such as Peloton (PTON), Coinbase (COIN), Roku (ROKU), Palantir (PLTR), and Virgin Galactic (SPCE) traded higher on Tuesday, with Peloton leading the pack, gaining as much as 12, 5% no news. .
On Monday, Bloomberg reported that an administrative error by Barclays bankers could lead to some Peloton noteholders getting a return of more than 1,000% on investments that had essentially gone bankrupt.
Crude oil prices ended Tuesday little changed at $94.25 a barrel as gas prices in the U.S. now down 17% from its mid-June high below $4.17 a gallon.
GasBuddy’s Patrick de Haan said Monday the price of gas it will likely fall below $4 per gallon national in the next 10 days.
In crypto markets, bitcoin (BTC-USD) fell more than 2% early Tuesday but was near $23,000 as the closing bell rang on Wall Street. A broad downside move in crypto markets hit markets early Tuesday morning amid risk to financial market sentiment.
Crypto markets were also under pressure after a monday afternoon nomad protocol hackwhich lost almost all of its funds totaling about $200 million.
In individual stock news, shares of Pinterest ( PINS ) gained more than 11% after activist investor Elliott Management confirmed a stake in the social media company that makes it Pinterest’s largest shareholder.
Elliott also endorsed new Pinterest CEO Bill Ready, saying Ready was “the right leader to oversee Pinterest’s next phase of growth.”
That news overshadowed a quarterly report from Pinterest that showed a decline in users as social media players continue to struggle in a changing digital advertising market. Pinterest shares had gained as much as 19% in premarket trading.
The Pinterest logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2021. REUTERS/Brendan McDermid
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