Stocks were mixed near midday on Tuesday, as the tech-heavy Nasdaq rallied from early morning losses to gain as much as 1%, while the blue chip Dow spent the session in the red.
Around 1:10 p.m. ET, the S&P 500 was up 0.3%, the Nasdaq was up 0.8% and the Dow was down 0.3%.
Stocks opened lower on Tuesday as investors cited rising US-China tensions amid House Speaker Nancy Pelosi’s trip to Taiwan as a source of pressure on the market.
Stocks around the world were lower on Tuesday night ahead of that trip, with Europe’s main indexes in the red as Hong Kong’s Hang Seng fell 2.3 percent and Shanghai shares lost more than 2.2 %. Japan’s Nikkei fell 1.4% overnight.
Tuesday’s economic data on the labor market showed a slowdown in the number of job openings from June, with the latest Job Openings and Labor Turnover survey showing 10.7 million jobs were available at the start of the summer. This marked the lowest number of job openings since September 2021.
Federal Reserve officials have talked in recent months about slowing the pace of job creation as a way to reduce demand in the labor market and the broader economy without causing unemployment to rise.
On the earnings front, shares of Uber ( UBER ) were higher in early trading after the company reported a better-than-broadly-expected quarter. Shares gained as much as 16% about two hours into the session.
The company reported revenue of $8.1 billion on gross bookings of $29.1 billion. Revenue was expected to reach $7.4 billion. Adjusted EBITDA also beat estimates, totaling $364 million versus expectations for $266 million. Uber also said it recorded $382 million in free cash flow during the second quarter.
Also on the earnings side, shares of Caterpillar ( CAT ) fell more than 3% after the industrial giant reported quarterly revenue that came in slightly short of Wall Street estimates.
On the oddities side of the market, shares of Chinese technology company AMTD IDEA Group ( AMTD ) rose as much as 300% on Tuesday, as shares of AMTD IDEA subsidiary AMTD Digital ( HKD ) surged as much as 250% and have has gained more than 15,000% since it went public last month.
In a statement early Tuesday, AMTD Digital said: “During the period since our initial public offering, the Company has experienced significant volatility in the ADS price and has also seen a very active trading volume. To our knowledge, there are no material conditions, events or other matters related to the business and operational activities of our Company since the date of public registration.”
The rally in the Nasdaq on Tuesday was also led by several heavily battered fliers that were market leaders during some of the recent rallies from mid-June lows.
Names like Peloton (PTON), Coinbase (COIN), Roku (ROKU), Palantir (PLTR) and Virgin Galactic (SPCE) all traded higher on Tuesday, with Peloton leading that group, rallying 12.5% without news.
On Monday, Bloomberg reported that a clerical error by Barclays bankers could have resulted in some Peloton bondholders earning more than a 1,000% return on investments that had essentially collapsed.
Crude oil was also lower early Tuesday, down 1% with WTI crude futures trading below $93 a barrel. The price of natural gas in the US now down 17% since mid-June peaking below $4.17 a gallon.
Patrick de Haan at GasBuddy said Monday the price of natural gas it will likely drop below $4/gallon nationwide within the next 10 days.
In crypto markets, bitcoin (BTC-USD) fell more than 2% early Tuesday to trade back below $23,000. A broad move down in crypto markets was underway on Tuesday morning amid a risk-on climate in financial markets.
Crypto markets also came under pressure following a hack of the Nomad protocol late Monday, which lost almost all of its funds totaling around $200 million.
In separate stock news, shares of Pinterest ( PINS ) rose 11% after activist investor Elliott Management confirmed a stake in the social media company that makes it Pinterest’s largest shareholder.
Elliott also endorsed new Pinterest CEO Bill Ready, calling Ready “the right leader to oversee Pinterest’s next phase of growth.”
That news overshadowed a quarterly report from Pinterest that showed a decline in users as social media players continue to struggle in a changing digital ad market. Pinterest shares had gained as much as 19% in premarket trading.
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