US equities ended lower on Tuesday as investors grappled with downbeat economic data, rising trade tensions, and mixed corporate earnings. The S&P 500 dropped 0.5%, the Nasdaq slid 0.7%, and the Dow slipped by 62 points, following Monday's sharp rebound from Friday's losses tied to a disappointing jobs report.
Concerns about stagflation resurfaced after the ISM Services index showed activity had stalled in July. Meanwhile, President Trump's threats of steep tariffs up to 250% on pharmaceutical imports alongside potential levies on semiconductors, added to market unease amid ongoing trade uncertainty with India, Switzerland, and China.
Sector-wise, utilities and tech dragged the most, while materials showed relative strength. On the earnings front, Palantir rallied 7.8% after raising its revenue forecast and Pfizer gained 5.2% following a strong quarterly report. In turn, Vertex Pharmaceuticals plunged 20.6% after scrapping late-stage trials for its next-gen pain drug.
Source: Fxstreet
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