US stock markets couldn’t hold onto gains delivered during another ‘buy the dip’ session, suggesting investors are growing wary of a correction.
Both the Dow Jones and S&P 500 fell 0.1% at the close despite trading higher throughout the session. The Nasdaq gained, however, adding 0.2% on the back of another rotation to defensive tech stocks.
Industrials, utilities and communications, including the likes of AT&T (NYSE: T), fell as the potential fallout from Evergrande grows after the group defaulted.
Construction starts in the US are tracking Australia’s expectations with another 3.9% increase in August.
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Uber share price rallies, Disney growth slows
On a company-specific level, Uber Technologies (NYSE: UBER) rallied nearly 12% after management confirmed it expects to reach ‘adjusted’ profitability in the third quarter for the first time, with a profit of US$25 million.
Meanwhile, shares in The Walt Disney Co (NYSE: DIS) fell 4.2% after management flagged a slowdown in subscriber growth with some 61 movies and 17 TV shows hit with production delays due to Delta.
Finally, Justin Trudeau is said to have won another minority government in Canada.
US stock market movers
Here’s how other popular US stocks performed on Tuesday.
- Warner Music (NASDAQ: WMG) up 11.8%
- Snapchat (NYSE: SNAP) up 6.1%
- Airbnb (NASDAQ: ABNB) up 4.7%
- 3M (NYSE: MMM) down 1.2%
- Activision Blizzard (NASDAQ: ATVI) down 4.1%
- DraftKings (NASDAQ: DKNG) down 7.4%