US stock market closing: S&P 500, Nasdaq fall, Dow Jones near all-time high
indexes on Tuesday have a mixed day. S&P 500 slipped 0.1 per cent Tuesday for its first loss in four days. The
Dow Jones
Industrial Average rose roughly 400 points, and the
Nasdaq
composite fell 0.8 per cent. Wall Street's momentum slowed after setting record highs in each of the last two days as Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured further.
According to preliminary data, the S&P 500 lost 6.94 points, or 0.11 per cent, to end at 6,198.10 points, while the Nasdaq Composite lost 166.84 points, or 0.82 per cent, to 20,202.89. The Dow Jones Industrial Average rose 403.61 points, or 0.92 per cent, to 44,498.38.
Tesla dropped more than 4 per cent after Trump threatened to cut off the billions of dollars in subsidies that Musk's companies get from the federal government. Musk had revived his criticism of Trump's wide-ranging tax cut and spending bill.
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The blue-chip Dow got a boost from healthcare stocks such as UnitedHealth and Amgen, and was just about 600 points away from its all-time high touched in December.
Data showed U.S. job openings increased unexpectedly in May, suggesting labor market resilience despite trade and economic uncertainties. U.S. Treasuries fell in response, pushing the 2-year yield to a near one-week high.
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Earlier in the day, Federal Reserve Chair Jerome Powell reiterated the U.S. central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering rates, again setting aside Trump's demands for immediate and deep rate cuts. The Institute for Supply Management (ISM) said its manufacturing PMI nudged up to 49.0 last month from a six-month low of 48.5 in May, slightly above economists' forecast of 48.8. Market focus now shifts to Thursday's nonfarm payrolls report, which could help recalibrate bets for a rate cut as soon as July.
Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64 basis points worth of cuts by the end of this year, per LSEG data. Shares of U.S.-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts, Las Vegas Sands and MGM Resorts International added more than 7% each.
FAQs
Q1. What are key indexes of US Stock Market?
A1. Key indexes of US Stock Market are S&P 500, Dow Jones Industrial Average, Nasdaq.
Q2. How is Dow Jones performing?
A2. Dow Jones Industrial Average got a boost from healthcare stocks such as UnitedHealth and Amgen, and was just about 600 points away from its all-time high touched in December.
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