U.S. equities closed lower on Tuesday as declines in Basic Materials, Industrials and Financials helped push benchmark indexes into negative territory.
At the New York Stock Exchange close, the Dow Jones Industrial Average fell 0.65%. The S&P 500 finished down 0.67%, and the NASDAQ Composite ended the session lower by 0.84%.
Index highlights and sector drivers
The day’s losses were broad-based across several cyclical sectors. Basic Materials, Industrials and Financials were cited as the principal drags on the market, with the declines reflected across large-cap and mid-cap constituents.
Notable movers on the Dow Jones Industrial Average
- Verizon Communications Inc (NYSE:VZ) was the top gainer on the Dow, rising 2.09% - up 0.98 points to close at 47.74.
- Amgen Inc (NASDAQ:AMGN) added 1.96% - an increase of 6.37 points to finish at 330.76.
- Merck & Company Inc (NYSE:MRK) climbed 1.52% - up 1.71 points to end the day at 114.27.
- On the downside, Cisco Systems Inc (NASDAQ:CSCO) dropped 2.94% - down 3.50 points to 115.38 at the close.
- Boeing Co (NYSE:BA) declined 2.55% - losing 5.63 points to finish at 214.98.
- 3M Company (NYSE:MMM) fell 2.08% - down 3.17 points to close at 149.36.
S&P 500 and Nasdaq movers
On the S&P 500, leading gainers included EQT Corporation (NYSE:EQT), which rose 4.00% to 59.75; Hasbro Inc (NASDAQ:HAS), which gained 3.69% to settle at 97.18; and PG&E Corp (NYSE:PCG), which added 3.53% to close at 16.41.
Conversely, the biggest decliners on the S&P 500 were Akamai Technologies Inc (NASDAQ:AKAM), down 6.24% to 141.36; Enphase Energy Inc (NASDAQ:ENPH), off 5.92% to 46.75; and FMC Corporation (NYSE:FMC), which fell 5.90% to 12.75.
Activity on the NASDAQ Composite showed extreme percentage moves among smaller-cap names. NeoConcept International Group Holdings Ltd (NASDAQ:NCI) surged 745.00% to 8.45, while InMed Pharmaceuticals Inc (NASDAQ:INM) rose 135.29% to 1.60 and Amesite Operating Co (NASDAQ:AMST) gained 120.07% to close at 1.73.
Large drops on the Nasdaq included Jayud Global Logistics Ltd (NASDAQ:JYD), down 65.94% to 1.88; Onconetix Inc (NASDAQ:ONCO), off 61.56% to 0.12; and JStar Holding Co Ltd (NASDAQ:YMAT), which fell 51.06% to 0.69.
Market breadth and volatility
Declining issues outnumbered advancing ones at the NYSE by 1,906 to 843, with 74 stocks unchanged. On the Nasdaq, 2,131 issues fell while 1,209 advanced, and 187 finished unchanged. The CBOE Volatility Index, which measures implied volatility for S&P 500 options, rose 1.40% to 18.07.
Several individual stocks also reached notable lows: Jayud Global Logistics Ltd (NASDAQ:JYD) dropped to a 52-week low at 1.88, a decline of 65.94% or 3.64 points. Onconetix Inc (NASDAQ:ONCO) fell to an all-time low, down 61.56% or 0.19 to 0.12.
Commodities and currencies
Precious metals and energy futures moved lower. Gold futures for June delivery fell 1.53% - down 69.70 to $4,488.30 a troy ounce. In energy markets, crude oil for July delivery slipped 0.18% or 0.19 to $104.19 a barrel, while the July Brent contract declined 0.91% or 1.02 to trade at $111.08 a barrel.
In foreign exchange, EUR/USD declined 0.44% to 1.16, while USD/JPY gained 0.19% to 159.08. The US Dollar Index Futures rose 0.15% to 99.26.
The closing session reflected broad selling pressure across cyclical sectors, mixed performances among individual large-cap names and pronounced moves in select small-cap and micro-cap issues on the Nasdaq.