Stock futures sink ahead of earnings, Pelosi’s trip

Stocks ended lower on Tuesday after a volatile trading session in which the Nasdaq gained more than 1% to its highs and the Dow ultimately lost more than 1%.

When the closing bell rang on Tuesday, the S&P 500 was down 0.66%, the Dow down 1.22% and the Nasdaq down 0.16%.

Stocks opened Tuesday’s session lower with traders citing heightened tensions between the United States and China amid House Speaker Nancy Pelosi’s trip to Taiwan as a source of market tension.

Stocks around the world were down overnight on Tuesday ahead of this trip, with Europe’s major indices in the red across the board as Hong Kong’s Hang Seng fell 2.3% and shares in Shanghai lost more than 2.2%. Japan’s Nikkei fell 1.4% overnight.

Economic data published on Tuesday in the labor market showed a slowdown in the number of open jobs as of June, with the latest Job Opening and Job Turnover survey showing that 10.7 million jobs were available at the start of the summer. This marked the fewest number of open jobs since September 2021.

Federal Reserve officials have talked in recent months about slowing the pace of job openings as a way to cool demand in the labor market and the broader economy without causing a spike in unemployment.

On the earnings front, Uber (Uber) shares rose after the company reported a better-than-expected quarter overall. Stocks earned 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 during the second quarter.

Also on the earnings side, shares of Caterpillar (CAT) lost more than 5% on Tuesday after the industrial giant reported quarterly revenue that was slightly light from Wall Street estimates.

From the market oddities department, shares in Chinese tech firm AMTD IDEA Group (AMTD) jumped as much as 300% on Tuesday, while shares of AMTD Digital (HKD), a subsidiary of AMTD IDEA, rose as much as 250% and have gained more than 15,000% since going public last month.

in a statement early tuesdayAMTD Digital said: “During the period since our initial public offering, the Company has noted significant volatility in the price of our ADSs and has also observed very active trading volume. To the best of our knowledge, there are no material circumstances, events or other matters related with the commercial and operating activities of our Company from the date of the initial public offering”.

The rally in the Nasdaq on Tuesday was also fueled by several badly battered flyers that have been market leaders during some of the recent rallies from mid-June lows.

Names like Platoon (PTON), Coinbase (CURRENCY), Roku (ROKU), Palantir (PLTR), and Virgin Galactic (SPACE) traded higher on Tuesday, with Peloton leading this pack, gaining as much as 12.5% ​​on no news.

On Monday, Bloomberg reported a clerical error by Barclays bankers could result in some Peloton noteholders earning a return of more than 1,000% on investments that had essentially gone bankrupt.

Crude oil price ended Tuesday little changed at $94.25 per barrel as the price of gasoline in the US. now it’s down 17% from its peak in mid-June to less than $4.17 per gallon.

Patrick de Haan at GasBuddy said on Monday that the price of gas will likely drop below $4/gallon nationwide within the next 10 days.

In crypto markets, bitcoin (USD-BTC) was down more than 2% early Tuesday but hovered near $23,000 by the time the closing bell rang on Wall Street. A broad downward move in crypto markets hit early Tuesday morning amid risk-off sentiment in financial markets.

Crypto markets were also under pressure after a nomad protocol monday afternoon hackthat he lost almost all of his funds totaling about $200 million.

In individual stock news, Pinterest stock (PAWS) gained more than 11% after the activist investor Elliott Management confirmed a stake in the social media company that makes it the largest shareholder in Pinterest.

Elliott also endorsed Pinterest’s new CEO, Bill Ready, calling Ready “the right leader to oversee Pinterest’s next phase of growth.”

This news overshadowed a quarterly report from Pinterest that showed a decline in user numbers as social media players continue to struggle in a changing digital ad market. Pinterest shares had gained as much as 19% in premarket trading.

The Pinterest logo is seen 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

The Pinterest logo is seen 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

β€”

Click here for the latest stock market news and in-depth analysis, including events that move stocks.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple either Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, flip board, LinkedInY Youtube

Leave a Reply

Your email address will not be published.