U.S. stocks fell on Tuesday after China’s data pointed to a slowdown in services activity and heightened concerns about global economic growth.
U.S. stock indexes fell slightly. The S&P 500, the Dow Jones Industrial Average and the Nasdaq all fell by narrow margins. The index continued to rise last week.
Government bonds fell. The benchmark 10-year U.S. Treasury yield rose to 4.254% after closing at about 4.17% on Friday.
US crude oil hits 2023 high After Saudi Arabia announced it would extend its production cuts, the benchmark contract rose about 2% and recently traded above $87 a barrel. The S&P 500 energy sector rose nearly 1%.
Airline stocks fell. Bank of America cut its price targets on several airlines, citing soaring jet fuel prices. Stocks of some home builders have also fallen.
Airbnb and Blackstone rose. Shares rose on news that the two companies would join the S&P 500 on Sept. 18.
Chinese stocks fell. The Shanghai Composite Index fell nearly 1%, while Hong Kong’s Hang Seng Index fell more than 2%. Elsewhere, Japan’s Nikkei 225 rose slightly and Europe’s Stoxx Europe 600 slumped. The US-listed Chinese stock index fell more than 2%.
