U.S. stocks paused for a breather Tuesday, with major equity indices hovering near the flatline as investors digested global developments, including China’s ban on key raw material exports to the U.S. and South Korea’s political turmoil following the president’s announcement of martial law.
Korean-linked exchange traded funds such as the iShares MSCI South Korea ETF (NYSE:EWY) fell by 2.7%, recovering some ground from sharper morning losses.
By midday trading in New York, large-cap stocks remained mostly unchanged, while small-cap stocks underperformed, posting notable losses.
Sectors traded within narrow ranges, with energy and communication services showing slight outperformance.
Meta Platforms Inc. (NASDAQ:META) stood out, as its shares climbed by 2.1%, setting fresh all-time highs.
In economic news, U.S. job openings rose to 7.744 million in October, exceeding expectations of 7.48 million and improving from September’s 7.372 million reading. The data signals ongoing resilience in the labor market, ahead of the highly awaited November jobs report scheduled for Friday.
The U.S. Dollar Index (DXY) edged down 0.2%, reversing part of Monday’s 0.6% rally. Meanwhile, Treasury yields showed little movement, with the 10-year yield inching up 1 basis point to 4.20%.
Precious metals saw modest gains, with gold rising 0.3% and silver advancing 1.7%.
Oil prices surged 2% after OPEC+ confirmed an extension of production cuts. Additionally, the U.S. imposed sanctions on 35 entities and vessels linked to illicit Iranian oil shipments, further supporting crude prices.
In the cryptocurrency market, sentiment remained subdued. Bitcoin (CRYPTO: BTC) traded steadily around $95,900, while Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) fell by 1.9% and 4.3%, respectively.
Tuesday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | Chg. % |
| Nasdaq 100 | 21,185.87 | 0.1 % |
| S&P 500 | 6,048.77 | 0.0% |
| Dow Jones | 44,747.11 | -0.1% |
| Russell 2000 | 2,421.44 | -0.5% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) flattened at $603.70.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) held steady at $448.42.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) inched 0.1% up to $515.96.
- The iShares Russell 2000 ETF (NYSE:IWM) eased 0.5% to $240.62.
- The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, rising 0.5%; the Industrial Select Sector SPDR Fund (NYSE:XLI) lagged, down 0.6%.
Monday’s Stock Movers
- Intel Corp. (NASDAQ:INTC) dropped 5% in reaction to the surprising resignation of CEO Pat Gelsinger.
- AT&T Inc. (NYSE:T) surged nearly 4% after the company projected over $50 billion in free cash flow over the next three years and committed to returning at least $40 billion to shareholders through dividends and stock buybacks.
- FedEx Corp. (NYSE:FDX) fell by 3.8%, following a series of analyst downgrades.
- United States Steel Corporation (NYSE:X) plummeted by 8% in reaction to Chinese export restrictions.
- Core & Main Inc. (NYSE:CNM) rallied 15% in reaction to stronger-than-expected quarterly earnings.
Read Now:
Photo: Shutterstock
