US Stock Markets Today: S&P 500, Nasdaq Trade Lower Amid Government Shutdown Indications
Six of the 11 sectoral indices was trading in green. Energy sector led the decline, while the healthcare sector led the advancing sectors.
Wall Street benchmarks witnessed a slippery start on Tuesday, with investor sentiment taking a hit on US Vice President JD Vance's indication of a government shutdown.
An hour into trade, the Dow Jones Industrial Average saw a decline of 0.18%, the S&P 500 was also down 0.14% while Nasdaq fell 0.10%.
The uncertainty comes as the S&P 500 is headed for its best September in 15 years, fuelled by looser policy and optimism over artificial intelligence as per news agency Bloomberg.
“The main focus will be the US labor market, which should either confirm or challenge expectations of two more rate cuts in 2025,” said Susana Cruz, a strategist at Panmure Liberum told Bloomberg. “If the shutdown delays the release, that could spark some anxiety.”
Six of the 11 sectoral indices was trading in green. Energy sector led the decline, while the healthcare sector led the advancing sectors.
Nvidia Corp., Palantir Technologies, and Alibaba ADR were amongst the gainers for the day. On the other hand, Tilray Inc., Intel Corp., and Tesla were in the red.
Spot gold rose 0.34% to $3,847.03 an ounce after paring record highs. After surging more than 10% this month on optimism over US interest rate cuts and haven demand, traders speculated that Chinese investors pared exposure ahead of the Golden Week holiday, as per Bloomberg.
Crude oil prices slipped, with the West Texas trading 1.77% lower at $62.33 per barrel.
The Bloomberg Dollar Index fell 0.16%, with the British Pound rising 0.15% at $1.3449 and the Japanese yen down to 147.82 per dollar. Bitcoin, the largest traded cryptocurrency saw a decline of 0.95% to $113,233.9700.
As the US market opened, the Dow Jones Industrial Average fell 12 points or 0.03%, the S&P 500 was also down 0.12% while Nasdaq fell 0.22% or nearly 50 points.
