U.S. stocks were mixed on Tuesday with the biggest names in tech pulling the Nasdaq Composite down, as investors looked to major economic data this week, as well as earnings from large-cap companies like Walgreens (WBA ), Conagra (CAG) and Constellation Brands (STZ).
The S&P 500 fell less than 0.1% to 4,793.54 and the Nasdaq Composite fell 1.3% to 15,622.72, while the Dow Jones Industrial Average climbed 0.6% to 36 799.65.
The energy and financials sectors performed better, while health and tech lagged behind. The Dow Jones and the S&P 500 closed at new highs on Tuesday amid a shift from technology to autos, banking and oil.
The 10-year US Treasury yield jumped 1.9 basis points to 1.65%.
West Texas Intermediate crude oil jumped 1.4% to $ 77.14 a barrel.
Tech stocks with high valuations suffered from Tesla’s 4.2% drop, a day after rising to bullish fourth-quarter shipments as Apple (AAPL), which became the first company to achieve market cap of $ 3 trillion, fell 1.3% on Tuesday. Microsoft (MSFT) was down 1.7% and Nvidia (NVDA) was down almost 3%.
Investors are awaiting the minutes of the US Federal Reserve’s last policy meeting for December, which is expected to be released on Wednesday. Meanwhile, the Ministry of Labor’s employment report for December is expected to be released on Friday.
In economic news, the Institute for Supply Management’s US manufacturing index fell to 58.7 in December from 61.1 in November, missing the consensus of 60 in a survey compiled by Bloomberg.
Meanwhile, job vacancies fell to 10.56 million in November from 10.6 million in October, the US Bureau of Labor Statistics said on Tuesday. The estimate in a Bloomberg survey was of an increase to 11.1 million. Departures jumped to nearly 6.3 million from around 5.9 million, reflecting an increase in the number of workers leaving their jobs.
In company news, Ford Motor (F) has announced plans to almost double the annual production capacity of its F-150 Lightning electric pickup truck due to renewed customer interest. Stocks jumped 11.7%, the highest on the S&P 500.
Toyota (TM) said its vehicle sales in the United States increased more than 10% year-on-year to around 2.3 million in calendar year 2021. This topped 2.2 million d ‘units sold last year in the United States by General Motors (GM), the first time GM has not led annual sales in the United States since 1931, Reuters reported. Toyota shares jumped 7%.
Other economic news on Tuesday included construction spending reaching $ 1.626 billion seasonally adjusted in November, up 0.4% from October, according to US Census Bureau data. The consensus on Econoday expects an increase of 0.6%.
In the metals markets, gold rose 0.8% to $ 1,814.60, silver rose 1.2% to $ 23.08 an ounce and copper rose 1.2 % at $ 4.47 per pound. Among energy ETFs, the United States Oil Fund rose 1.7% to $ 55.74 and the United States Natural Gas Fund fell 2.4% to $ 12.46.