U.S. stocks are turning in a mixed performance Tuesday afternoon with investors largely making cautious moves amid concerns about slowing global growth and on tensions between the U.S. and China.
Among the major averages, the Dow is down 195.81 points or 0.6 percent at 32,602.59. The S&P 500 is down 1.27 points or 0.03 percent at 4,117.36, while the Nasdaq is gaining 44.07 points or 0.36 percent at 12,413.04.
Amid growing tensions between the U.S. and China, shares of chipmakers are reeling under pressure.
Tensions between the U.S. and China have risen due to U.S. House Speaker Nancy Pelosi’s visit to Taiwan.
It is feared that Pelosi’s trip to Taiwan would raise tensions between the two economic superpowers. Chinese foreign ministry spokesman Zhao Lijian said that Pelosi’s visit would lead to “very serious developments and consequences”. The White House has warned China against turning her visit into a crisis.
Caterpillar shares are down nearly 5 percent, after reporting lower than expected revenues in the latest quarter. The company reported second-quarter earnings of $1.67 billion, or $3.13 per share compared to $1.41 billion, or $2.56 per share a year ago. Revenue for the quarter rose 10.6 percent to $14.25 billion from $12.89 billion last year.
Dupont is down sharply, weighed down by a downward revision in the company’s full-year outlook.
Uber Technologies shares are soaring nearly 18 percent after the company said that gross bookings reached an all-time high of $29.1 billion in the second quarter this year, up 33 percent over the corresponding quarter last year. The company reported a net loss of $2.6 billion for the second quarter. For the third quarter of this financial year, Uber expects gross bookings of $29 billion to $30 billion.
Pinterest is zooming 13 percent, lifted by news about Elliott Investment Management becoming the largest shareholder of the company.
Data from the Labor Department showed the number of job openings in the US fell by 605,000 from a month earlier to 10.7 million in June of 2022, the lowest in nine months and below market expectations of 11 million.
Source: Read Full Article