The Dow Jones Industrial Average closed at 26,118.02 on Tuesday with a loss of 285.26 points or -1.08%. The S&P 500 closed at 2,906.27 for a loss of 20.19 points or -0.69%. The Nasdaq Composite closed at 7,874.16 for a loss of 88.72 points or -1.11%. The VIX Volatility Index was higher at 19.70 for a gain of 0.72 points or 3.79%.
Tuesday's market movers
U.S. indexes started the shortened holiday week closing lower on Tuesday. Investors were cautious of global growth after the U.S.'s new tariffs for China began on Sept. 1. Manufacturing was also a concern with the ISM Manufacturing PMI falling below the contraction level of 50 for the first time since 2016 and the Markit Manufacturing PMI reporting a decrease to 50.3. Investors also continued to watch Brexit developments after a parliament suspension.
Treasury demand was higher Tuesday with the day's news. The two-year Treasury note's price gained 22/32 with its yield falling to 1.472%. The U.S. Dollar Index gained. The dollar was down 0.16% against the British pound. The dollar gained 0.10% against the yen with an exchange rate of 7.179.
Economic reports affecting market trading included the following:
- The Markit Manufacturing PMI decreased to 50.3 in August from 50.4.
- The ISM Manufacturing PMI decreased to 49.1 in August from 51.2. Separately, the ISM Manufacturing Employment Index decreased to 47.4 from 51.7, the ISM Manufacturing New Orders Index decreased to 47.2 from 50.8 and the ISM Manufacturing Prices Index increased to 46.0 from 45.1.
- Construction spending increased 0.1% in July following a decrease of 0.7%.
- The Treasury held auctions for three-month bills at a rate of 1.930% and six-month bills at a rate of 1.825%.
- August vehicle sales began to be released with a seasonally adjusted annual estimate of 16.9 million, just above the previous report of 16.8 million.
In the S&P 500, the industrial, technology and materials sectors led losses. In the Dow Jones Industrial Average, the following stocks led losses:
- Boeing (NYSE:BA) -2.58%
- Goldman Sachs (NYSE:GS) -2.46%
- American Express (NYSE:AXP) -2.24%
In small caps, the Russell 2000 closed at 1,472.52 for a loss of 22.32 points or -1.49%. The S&P 600 closed at 905.97 for a loss of 12.77 points or -1.39%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,577.18 for a loss of 141.28 points or -1.45%. The Dow Jones U.S. Small-Cap Value Index closed at 8,960.00 for a loss of 79.68 points or -0.88%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,858.05 for a loss of 23.15 points or -1.23%; the S&P 100 at 1,282.96 for a loss of 9.42 points or -0.73%; the Nasdaq 100 at 7,609.51 for a loss of 81.48 points or -1.06%; the Russell 3000 at 1,701.98 for a loss of 13.27 points or -0.77%; the Russell 1000 at 1,606.91 for a loss of 11.70 points or -0.72%; the Wilshire 5000 at 29,680.05 for a loss of 223.44 points or -0.75%; and the Dow Jones U.S. Select Dividend Index at 695.26 for a loss of 2.04 points or -0.29%.
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This article first appeared on GuruFocus.