Global markets update: S&P 500, Nasdaq edge lower on mixed set of earnings reports

The S&P 500 dropped 12.25 points, or 0.26%, at 4,576.94 points. The Nasdaq Composite lost 62.11 points, or 0.43%, at 14,284.20. The Dow Jones Industrial Average gained 69.04 points, or 0.19%, at 35,628.57.

Shares of Caterpillar climbed 8.8% after it reported a rise in second quarter profit.

Pfizer edged 1.2% lower after its quarterly revenue fell short of analysts’ expectations.

Uber shares plunged 5.68% after the ride-hailing company missed second quarter revenue forecasts.

A report from the Institute for Supply Management said that in July manufacturing contracted at a slightly worse pace than economists expected, but not as badly as it did in June.

A separate report from S&P Global also said US manufacturing is continuing to decline.

The yield on the 10-year treasury rose to 4.03% from 3.97% late Monday.

Currencies 

The US dollar rose to 143.42 Japanese yen from 142.29. The euro fell to $1.0975 from $1.0999.

Europe

European stocks declined on Tuesday, on shrinking factory activity in the euro zone.

The pan-European benchmark STOXX 600 fell 0.9%.

Among the sectoral declines, carmakers, financial services firms and miners fell between 1.3% and 1.6%.

Britain’s FTSE 100 fell 0.4% at 7,666.27. Germany’s DAX down 1.3% at 16,240.40. France’s CAC 40 shed 1.2% at 7,406.08.

HSBC Holdings rose 1.3% as it raised its key profitability target.

Italian payments giant Nexi tumbled 6.9% after it confirmed its 2023 guidance.

Asia

In Asia, stock markets closed mixed on Tuesday.

Hong Kong’s Hang Seng index fell 0.3% at 20,011.12. Shanghai Composite ended flat at 3,290.95. 

Japan’s Nikkei 225 added 0.9% at 33,476.58.

Australia’s S&P/ASX 200 index closed 0.5% higher at 7,450.7 points. New Zealand’s benchmark S&P/NZX 50 index fell 0.6% at 11,980 points.

Energy prices

Brent crude for October delivery fell 52 cents to $84.91 a barrel on Tuesday. US crude oil benchmark for September delivery fell 43 cents to $81.37 a barrel.

Natural gas for September delivery declined 7 cent to $2.56 per 1,000 cubic feet.

Bullion

Gold for December delivery lost $30.40 to $1,978.80 an ounce. Silver for September delivery fell 64 cents to $24.33 an ounce. 

Updated: 02 Aug 2023, 02:07 AM IST