The S&P 500 Index ($SPX) (SPY) Tuesday closed down -0.07%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.37%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.07%. September E-mini S&P futures (ESU25) are down -0.07%, and September E-mini Nasdaq futures (NQU25) are up +0.06%.
Stocks on Tuesday settled mixed. Hard-line trade rhetoric from President Trump weighed on stocks on Tuesday when he said the US won’t offer extensions to the August 1 deadline for reciprocal tariffs to take effect. Higher bond yields also weighed on the broader market as the 10-year T-note yield rose +4 bp to a 2-week high of 4.42%. Bond yields are climbing on the concern that higher tariffs could boost inflation and prevent the Fed from cutting interest rates. The Nasdaq 100 settled higher due to strength in chip makers. Also, the rally in energy producers was supportive of the overall market.
