U.S. market indexes were lower on Tuesday. For the day, the Dow Jones Industrial Average closed at 18066.75 for a loss of -258.32, or -1.41%. The S&P 500 was also lower, closing at 2127.02 for a loss of -32.02 points, or -1.48%. The Nasdaq Composite closed lower at 5155.25 for a loss of -56.63 points, or -1.09%. The VIX Volatility Index was higher at 18.19 for a gain of 3.03 points, or 19.99%.
In the Dow Jones Industrial Average, stocks leading losses included the following:
Chevron (CVX, Financial) -2.76%
Goldman Sachs (GS, Financial) -2.37%
American Express (AXP, Financial) -2.34%
In the broad market, the energy sector led losses for the day with S&P 500 energy stocks down 2.86%. Oil prices weighed on stock valuations after the International Energy Agency released its monthly report on the oil market. Prices were lower with the IEA’s projection for lower demand. For the day, WTI crude was down 3% to $44.90 a barrel and Brent crude was down 2.38% to $47.17 a barrel.
Stocks were lower Tuesday as the market watched economic data affecting the Fed’s decisions on monetary policy. The Federal Reserve’s Federal Open Market Committee meets on Sept. 20 to 21 and the probability for a rate increase in September has increased.
Broad market measures are indicating a slowdown in equities could occur. In a CNBC report Tuesday, market specialist Todd Gordon of TradingAnalysis.com gave his insight on some of the important technical market factors to watch in the near-term.
Disclosure: I do not own any stocks included in this article.
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