Broad Market Sags on Global Economic Concerns and Higher Bond Yields
Nasdaq What you need to know
TheS&P 500 Index ($SPX) (SPY) Tuesday closed down -0.42%,theDow Jones Industrials Index ($DOWI)(DIA) closed down -0.56%, and theNasdaq 100 Index ($IUXX) (QQQ)closed up +0.11%.
Stocks on Tuesday settled mixed. The broader market was lower Tuesday as weaker-than-expected economic news from China and the Eurozone sparked a risk-off sentiment in asset markets.Chinas service sector saw the slowest pace of growth this year in August, and the Eurozone Aug S&P composite PMI was revised downward to its weakest level in 2-3/4 years. Also, higher global bond yields weighed on stocks.
The Nasdaq 100 Stock Index Tuesday closed slightly higher, led by a +7% jump in Airbnb and a +4% gain in Tesla. Airbnb jumped on its inclusion into the S&P 500 Stock Index later this month, and Tesla rallied after its China Aug vehicle deliveries rose more than +30% m/m.
Tuesdays U.S. economic news showed July factory orders fell -2.1% m/m, the biggest decline in 8 months but stronger than expectations of a -2.5% m/m drop.
