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On Tuesday, the S&P 500 Index closed down 0.16% while the Dow Jones Industrials Index rose 0.44%, and the Nasdaq 100 Index fell 0.69%. The decline in U.S. stock indices was influenced by escalating tensions in the US-China trade conflict, following China’s sanctions on five US units of Hanwha Ocean Co., and President Trump’s threats to halt trade in cooking oil with China.
Bond markets reacted to trade uncertainties, with the 10-year Treasury note yield decreasing to 4.02%. The U.S. small business optimism index fell to 98.8 in September, below analyst expectations of 100.6. The market is anticipating a 98% chance of a 25 basis point rate cut during the upcoming FOMC meeting on October 28-29.
In corporate news, Walmart’s stock rose over 4% after announcing a partnership with OpenAI, while Wells Fargo gained more than 7% following a revenue report that exceeded expectations. Conversely, chipmakers like Arista Networks and Intel saw declines greater than 4% amidst broader market pressures.
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