US mid-day: Big gauges face losing skid on Tuesday
By Joseph Toppe
17:06, 14 December 2021
The S&P and Nasdaq are extending their losses in early trading after having winning streaks snapped on Monday.
Halfway through Tuesday’s session, the Dow Jones Industrial Average is around 0.27% lower, the S&P 500 is off near 1.07%, while the Nasdaq Composite is down close to 1.78%.
After Monday trading, the Dow Jones Industrial Average lost 319 points, or 0.9%, the S&P 500 dipped 0.9%, while the Nasdaq Composite went 1.4% lower.
Winners and losers: Telsa falls after another Musk tweet
Shares of Tesla are off around 2.5% after Elon Musk, the electric vehicle maker’s CEO, sold more of his company stock on Monday.
Shares of Alcoa went up 5.7% after the S&P and Dow Jones Indices said the company will replace Hill-Rom Holdings in the S&P MidCap 400 before trading begins on 20 December.
Shares of Apple are down around 1.2% despite getting upgraded to Buy from Neutral by the Bank of America.
In software stocks, shares of Adobe are off near 7.26%, after a JP Morgan analyst reduced their ratings on the company.
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Oil: Crude falls after industry report
Oil futures are down after a report from the International Energy Agency cut its oil demand outlook for next year by 100,000 barrels a day.
Brent crude, the international benchmark, was down 1.2% to $73.50 a barrel, while West Texas Intermediate fell 1.1% to $70.50 a barrel.
Gold: Metals drop on Tuesday
Gold futures are lower on Tuesday with the metal’s continuous contract trading around 0.86% lower to $1,773.00, while the continuous contract for silver is off near 1.92% to $21.90.
Forex: US buck gains small step on Canadian dollar
On Tuesday, the US dollar equals $0.89 of the euro, $0.76 of the Pound sterling, and $1.29 of the Canadian dollar after converting to $1.28 of the currency yesterday.
In bond markets, the yield on the benchmark 10-year Treasury note improved to 1.443% from 1.423% Monday.
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