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U.S. Stocks Fall as Investors Worry About China Tensions

Published 08/02/2022, 09:40 AM
Updated 08/02/2022, 09:45 AM
© Reuters.

© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks traded lower early Tuesday as investors worried about rising tensions between the U.S. and China.

At 10:16 AM ET, the Dow Jones Industrial Average was down 300 points, or 0.9%, while the S&P 500 was down 0.6% and the NASDAQ Composite fell 0.5%.

House Speaker Nancy Pelosi’s trip to Taiwan is helping to raise tensions. Shares of chipmakers, which have exposure to the China market, dipped in premarket trading in the U.S. as Pelosi and her delegation prepared to pay a visit to Taiwan as part of a multinational trip. She is the first Speaker to visit the island since Newt Gingrich in the late 1990s.

Meanwhile, corporate earnings continued to pour in. Late Monday, Pinterest Inc (NYSE:PINS) got a huge boost when activist Elliott Management confirmed it was the social media company’s biggest shareholder. Pinterest stock jumped more than 20% after-hours on Monday and was up 13% on Tuesday.

Ride-hailing firm Uber Technologies Inc (NYSE:UBER) shares rose 14% after it reported $8 billion in revenue and said bookings were up 33% in the recent quarter. It had positive cash flow and attributed its loss for the quarter to investments in other companies.

Caterpillar Inc (NYSE:CAT) shares fell 3.7% after the construction equipment maker reported trouble with supply chains and said the suspension of operations in Russia helped it miss expectations.

The government’s data on job openings showed 10.7 million, while analysts expected 11 million openings. June's reading was the lowest since last September as the job market cooled.

Oil rose. Crude Oil WTI Futures was up nearly 1%, to $94.67 a barrel, while Brent Oil Futures rose 0.7%, to $100.77 a barrel. Gold Futures was up 0.5%, to $1,797 an ounce.

Latest comments

who cares?
Setting trap for a week now,say its falling and gaining 25%+ per day
where it is falling? rather just say i wish to fall etc..
and the market will still end up in the green!
new headline please
One thing. China is just a coward and have nothing to do but barking like a scared doggy
nee headline please
Market will definitely crash as soon as she lands, get ready
Way to go US, when the world needs China to further isolate Russia, they make this unnecessary provocation, looks like the war is good for the US
Market correction due to OPEC+ ..... The OPEC+ Joint Technical Committee (JTC) lowered its oil market surplus forecast for 2022 by 200,000 barrels per day (bpd) to 800,000 bpd.According to sources, the JTC did not discuss the output policy ahead of the ministerial meeting of OPEC+ on Wednesday.
Speaker should not be there. She is not Sec. of State
Should not according to who? US is okay with it, Taiwan is okay with it. It is not up to anybody else.
谁怂谁是狗
No more tensions about inflation, negative GDP, missed earnings, or higher business and individual income taxes.
What higher individual income taxes? I believe you are making stuff up or you don't know what you are talking about.
yeah sure. how can you can you believe the media when they're no different than a Chyna communist news outlet. I bet the owner is a commie
Your suspicions are correct! I was having dinner last night with Fidel Castro at White Castle in San Bernardino and I asked him what's new. He told me he just bought Reuters and was looking forward to giving China some competition in the misinformation game. You can take that to the bank!
It's all fake folks, part of the Manipulation. all a lie.
This is TRUE!!!! I was at a meeting of the Manipulation this morning. I thought I was going to eat some good bacon and eggs but, of course, it was all fake. I don't know what I was expecting.
10AM sharp, and the "buyers" predictably appear.  Where are the sellers at 10AM during a "rally?"  Fraudulent, criminally manipulated joke.
like EVERYTHING TODAY?
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