Source: Sharecast
At the close, the Dow Jones Industrial Average was down 0.28% at 44,421.91, while the S&P 500 lost 0.76% to 5,994.57 and the Nasdaq Composite saw out the session 1.20% weaker at 19,391.96.
The Dow closed 122.75 points lower on Monday, extending losses recorded in what was a volatile week for stocks as concerns about a bubble in the US artificial intelligence industry hammered market sentiment.
News that Donald Trump slapped a 25% tariff on goods from Mexico and Canada and also placed a 10% levy on imports from China was in focus throughout the session.
Canada responded with retaliatory tariffs of its own, while China vowed to file a lawsuit with the World Trade Organization. Although Mexico initially declared it would explore levies on US imports, Trump later announced that he had agreed to a one-month delay in tariffs for America’s neighbours to both the north and south lifting stocks from session lows.
Trump also indicated over that the UK and the European Union were next up for a fresh round of tariffs, stating that both were “out of line”. While he noted that a deal could possibly be “worked out” with the UK, he stated that EU tariffs “will definitely happen”.
The yield on the benchmark 10-year Treasury note was trading slightly higher at roughly 4.564%, while West Texas Intermediate futures advanced 0.87% to $73.16 a barrel and the ICE US dollar index was 0.05% stronger at 108.42.
On the macro front, S&P Global’s manufacturing PMI was upwardly revised to 51.2 in January, ahead of both a preliminary estimate of 50.1 and December’s 49.4 reading.
The Institute for Supply Management’s January manufacturing PMI rose to 50.9 from a downwardly revised 49.2 reading for December, beating expectations of 49.8. Last month’s reading also marked the first expansion in the factory sector after 26 straight months of contraction. New orders increased at a faster pace, while a rebound was recorded for production and employment. On the other hand, supplier deliveries were marginally slower, inventories fell more and price pressures intensified.
On another note, construction spending rose by 0.5% month-on-month in December to $2.19trn, according to the Census Bureau, following November’s upwardly revised 0.2% uptick. On an annualised basis, construction spending grew by 4.3%.
In the corporate space, Alphabet, Amazon and Disney will all report earnings before the end of the week.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $260.73 1.97%
Procter & Gamble Co. (PG) $168.76 1.67%
Verizon Communications Inc. (VZ) $39.98 1.50%
Walmart Inc. (WMT) $99.54 1.41%
Amgen Inc. (AMGN) $288.87 1.28%
Walgreens Boots Alliance, Inc. (WBA) $9.76 1.25%
Visa Inc. (V) $345.82 1.18%
Unitedhealth Group Inc. (UNH) $548.18 1.05%
Merck & Co. Inc. (MRK) $99.79 0.98%
Walt Disney Co. (DIS) $114.00 0.83%
Dow Jones - Fallers
Apple Inc. (AAPL) $228.01 -6.87%
Dow Chemical Co. (DOW) $37.38 -4.28%
Intel Corp. (INTC) $19.38 -2.74%
Caterpillar Inc. (CAT) $361.55 -2.66%
Microsoft Corp. (MSFT) $410.92 -1.48%
3M Co. (MMM) $149.99 -1.42%
Goldman Sachs Group Inc. (GS) $632.37 -1.25%
Home Depot Inc. (HD) $408.76 -0.78%
Salesforce.Com Inc. (CRM) $339.24 -0.72%
Nike Inc. (NKE) $76.63 -0.40%
S&P 500 - Risers
Idexx Laboratories Inc. (IDXX) $469.04 10.44%
Gen Digital Inc. (GEN) $27.00 4.33%
Vertex Pharmaceuticals Inc. (VRTX) $470.37 3.50%
AbbVie Inc (ABBV) $190.14 3.39%
Welltower Inc (WELL) $140.54 2.86%
Kroger Co. (KR) $63.33 2.74%
Costco Wholesale Corp. (COST) $1,005.83 2.67%
CME Group Inc. (CME) $240.65 2.45%
AutoZone Inc. (AZO) $3,432.20 2.45%
Valero Energy Corp. (VLO) $136.21 2.39%
S&P 500 - Fallers
PVH Corp. (PVH) $83.15 -7.01%
Apple Inc. (AAPL) $228.01 -6.87%
Franklin Resources Inc. (BEN) $20.72 -6.83%
FedEx Corp. (FDX) $247.34 -6.62%
Mattel Inc. (MAT) $17.78 -6.32%
Nektar Therapeutics (NKTR) $0.81 -5.95%
Foot Locker Inc. (FL) $18.88 -5.84%
Blackrock Inc. (BLK) $1,013.75 -5.74%
Skyworks Solutions Inc. (SWKS) $85.22 -5.68%
Nvidia Corp. (NVDA) $116.66 -5.61%
Nasdaq 100 - Risers
Idexx Laboratories Inc. (IDXX) $469.04 10.44%
Gen Digital Inc. (GEN) $27.00 4.33%
Vertex Pharmaceuticals Inc. (VRTX) $470.37 3.50%
Costco Wholesale Corp. (COST) $1,005.83 2.67%
T-Mobile Us, Inc. (TMUS) $238.10 1.72%
Automatic Data Processing Inc. (ADP) $307.32 1.50%
Gilead Sciences Inc. (GILD) $98.38 1.43%
Amgen Inc. (AMGN) $288.87 1.28%
Walgreens Boots Alliance, Inc. (WBA) $9.76 1.25%
Sirius XM Holdings Inc (SIRI) $24.00 1.10%
Nasdaq 100 - Fallers
Apple Inc. (AAPL) $228.01 -6.87%
Baidu Inc. (BIDU) $87.71 -6.79%
Skyworks Solutions Inc. (SWKS) $85.22 -5.68%
Nvidia Corp. (NVDA) $116.66 -5.61%
Tesla Inc (TSLA) $383.68 -5.32%
Align Technology Inc. (ALGN) $215.82 -5.00%
Microchip Technology Inc. (MCHP) $52.26 -4.77%
Seagate Technology Plc (STX) $93.48 -4.71%
Charter Communications Inc. (CHTR) $341.50 -4.46%
Monster Beverage Corp (MNST) $47.50 -4.12%