U.S. stocks finished Tuesday lower after Chinese data pointed to a slowdown in services activity, fueling concerns about global growth. Read more about today’s market action here.
U.S. stock indexes were in the red. The S&P 500, Dow industrials and Nasdaq all moved lower, with the Dow off nearly 200 points. Indexes managed gains last week.
Treasury bonds fell. The benchmark 10-year Treasury yield settled at 4.267%—its fourth-highest settle of the year, according to Dow Jones Market Data—after closing Friday at around 4.17%.
U.S. crude settled at a 2023 high. Benchmark contracts gained 1.3%, finishing at nearly $87 a barrel, after Saudi Arabia said it would extend its production cuts.
An index of airline shares retreated. Bank of America lowered its price targets on several airlines, citing rising jet fuel prices. Also falling: some homebuilders’ shares.
Airbnb and Blackstone climbed. The shares rose after news that the companies will join the S&P 500 on Sept. 18.
Chinese stocks declined. The Shanghai Composite Index retreated nearly 1% and Hong Kong’s Hang Seng Index lost over 2%. Elsewhere, Japan’s Nikkei 225 advanced slightly and Europe’s Stoxx Europe 600 wavered. An index of U.S.-listed Chinese stocks fell more than 2%.
