ZS - US Stocks Ease As Oil Price Spikes To 10-Month High Dollar Gains: What's Driving Markets Tuesday? | Benzinga
The U.S. stock market resumed trading Tuesday following the Labor Day holiday, and investor confidence appears subdued due to concerns stemming from a significant surge in oil prices resulting from the announcement of prolonged production cuts by Russia and Saudi Arabia.
The major U.S. stock indices traded largely flat on the day, while the energy sector significantly outperformed other sectors, with utilities and industrials facing notable declines.
Simultaneously, the U.S. dollar exhibited strength due to growing concerns about a slowdown in economic momentum in Europe, and despite remarks from Fed officials indicating a cautious approach and hinting at a preference for maintaining interest rates at their current levels in September.
Fed futures indicate a nearly 95% probability of rates remaining unchanged this month.
Tesla Inc. (NASDAQ:TSLA) experienced a notable surge of 4.3%, nearly recovering its losses from the previous session, driven by production rebound at the Shanghai’s factory.
Cues From Tuesday’s Trading
The S&P 500 and the Dow Jones Industrial Average both registered a decline of 0.15%. In contrast, the Nasdaq 100 showed a modest 0.2% gain, while small-cap stocks in the Russell 2000 index experienced a notable drop of 1.6%.
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