Stock market today
Minor losses for the US stock market today, small-cap stocks outperformed. Dow Jones lost 117 points, S&P 500 lost 10 points and Nasdaq fell 20 points. The closing numbers for the US stock market today are:
S&P 500: 4,350.65,-10.54(-0.24%)
Dow 30: 34,378.34,-117.72(-0.34%)
Russell 2000: 2,234.27,+13.63(+0.61%)
Stock market news
“Stocks fell on Tuesday in another choppy session, with investors eyeing elevated commodity prices and other signs of inflation heading into corporate earnings season.
The S&P 500, Dow and Nasdaq each posted a third consecutive day of declines. U.S. West Texas intermediate crude oil futures hovered near a seven-year high, with supply constraints and elevated fuel demand pushing prices higher over the past seven consecutive weeks. Outside of oil, aluminum prices also edged lower after reaching their highest level since 2008 on Monday, and copper prices turned lower after a near 2% jump.
For investors, the recent, broad rise in commodity prices has threatened to exert further pressure on corporate margins. Companies have already been grappling with a host of supply-side challenges, including port congestion and labor scarcities, that are expected to drag on profit growth heading into third-quarter earnings season later this week and over the next month. The Labor Department’s August Job Openings and Labor Turnover survey — due for release Tuesday morning — showed workplace vacancies held near a record high at the end of the summer.
And rising interest rates have also raised the specter of higher borrowing costs for companies, with the 10-year yield holding near its highest level since June.
“We’re definitely freaked out about crude oil prices … [and] about slightly higher interest rates,” David Bailin, Citi Private Bank chief investment officer, told Yahoo Finance. “But we have to put all of this in context. First of all, interest rates have been abnormally low. Energy prices are high due to excessive demand right now and delivery shortages across Europe and now in China … These things will abate. We think it’ll take somewhere between three and nine months for energy supplies and for the shipping issues to abate.”
Other strategists also suggested that investors look through the near-term supply-related challenges facing the markets.”