News Tech: US equities were narrowly mixed in very quiet Tuesday trading after giving up some early gains. Stocks fell as a summer rally fizzled out amid mounting rate hike concerns as the 10-year Treasury yield climbed above 3 per cent.
Real estate, health care and communication services were the worst performers in the S&P 500. Meanwhile, energy was the biggest winner in the broader market index, up 3.6 per cent on the back of rising oil prices.
The Dow Jones fell 0.47 per cent, to 32,909.59. The S&P 500 fell 0.22 per cent , and the Nasdaq Composite closed flat 0.002 per cent to 12,381.30. Both the Dow and the S&P 500 declined for a third straight session.
Tuesday saw a significant increase in oil prices of more than $3 per barrel following Saudi Arabia’s proposal for OPEC+ supply cuts to maintain prices and the potential for a reduction in U.S. crude stocks.
In recent EV news, agreements with Canada have been finalised by Volkswagen AG and Mercedes-Benz Group AG to provide access to vital raw materials including nickel, cobalt, and lithium for battery manufacture. With this deal, Volkswagen hopes to shorten supply chains for its US factories and steer clear of any problems brought on by tariffs and tax laws.
All of which is being driven by the extraordinary demand for EV vehicles and the geopilotical drive to secure non Chinese sourced battery materials. China is presently the “leading global player in refining crucial minerals,” processing 73% of the world’s cobalt, 68% of its nickel, 59% of its lithium, and 40% of its copper.
After-hours trading saw a 16.5% decline in Zoom Video shares after the video conferencing provider cut its full-year projection. — Nordstrom In extended trading, the department store’s shares fell more than 12% after the business lowered its full-year financial estimate. Once again, a shop is concerned about having too much stock that it needs mark down to get off the shelves.