Monday, July 22, 2024

Today on Wall Street: US stocks decline as Treasury yields rise, Uber Technologies sees a 8.9% drop

Market Updates: US Stock Indices Fall as Treasury Yields Rebound

The US stock indices experienced a slight dip on Wednesday as concerns about the Federal Reserve’s monetary easing plans caused Treasury yields to rebound. At 9:38 a.m. ET, the Dow Jones Industrial Average fell by 0.02%, the S&P 500 lost 0.31%, and the Nasdaq Composite dropped by 0.54%.

There were notable declines in the stock prices of some major companies. Uber Technologies’ shares slumped by 8.9% following disappointing second-quarter results, while Shopify tumbled by 21.1% despite reporting better-than-expected earnings. Tesla also saw a decline of 3.1% after reports of US prosecutors investigating the company for possible fraud related to its electric vehicles’ self-driving capabilities.

Chipmaker Intel lost 2.4% after the US commerce department revoked licenses for exports to a Chinese client. Other tech giants like Microsoft, Nvidia, and Alphabet also saw declines ranging from 0.3% to 1.1%.

Meanwhile, US Treasury yields rose with the 10-year Treasury yield reaching 4.48% on Wednesday. In the commodity market, oil prices fell due to an increase in crude and fuel inventories in the US. Brent crude futures lost 1.2% to $82.19 a barrel, while US West Texas Intermediate crude futures dropped by the same percentage to $77.45 a barrel.

Gold prices remained flat, with spot gold at $2,315.98 per ounce, and US gold futures down by 0.01% at $2,324.00 per ounce. Spot silver also fell slightly to $27.24 per ounce.

Overall, the market showed a mixed performance with concerns about the Fed’s policies and various company-specific factors influencing the day’s trading activities.

Related Articles

Latest Articles

Most Popular