Stocks dropped Tuesday to kick off a shortened week of trading, with investors monitoring escalating tensions in the Middle East ahead of a key inflation reading later this week.
The Dow Jones Industrial index slumped 650.06 points, or 1.2%, to 52,764.24.
The S&P 500 sank 44.95 points, or 0.6%, to 7,673.65
The NASDAQ Composite retreated 85.58 points to 26,421.21.
Traders also have to contend with brewing trade tensions between the U.S. and Canada once again. Retaliatory tariffs from Canada on about $20 billion of U.S. goods take effect on Tuesday.
President Donald Trump on Monday said ahead of the new duties that Canadian aircraft manufacturer Bombardier can’t sell in the U.S. unless Canada begins making its products in the U.S.
Qualcomm is partnering up with Amazon Web Services to “help build out AWS” AI Infrastructure, according to the company’s press release.
Shares for the chipmaker rose $5.35, or 3.2%, to $174.09 following the news.
Shares of Intel gained more than 9% while and Advanced Micro Devices jumped 6%, Broadcom climbed 3%.
The Federal Reserve is due to hold a monetary policy meeting next week. Traders are pricing in a 60% chance the central bank will hike rates by a quarter-percentage point after the meeting.
Prices for the 10-year Treasury were lower, raising yields to 4.79% from Friday’s 4.78%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.19 to $93.67 U.S. a barrel.
Gold prices stumbled $68.20 to $4,408.40 U.S. an ounce.
