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Stocks fell on Tuesday as investors navigated a batch of disappointing company reports ahead of a key inflation reading.
The Dow Jones Industrials slumped 55.79 points to 32,776.75
The S&P 500 slipped 20.2 points to 4,119.86.
The NASDAQ Composite 179.35 points to 12,466.21.
Memory chipmaker Micron warned that revenue may fall short of its prior guidance because of “macroeconomic factors and supply chain constraints.” The stock fell more than 3% in early trading.
It’s been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group. Nvidia was lower again on Tuesday, shedding another 3% after a 6% decline on Monday.
Outside of chips, a pair of NASDAQ-listed stocks were also taking early hits. Novavax slumped 27% after slashing full-year revenue guidance because of poor demand for its COVID vaccines.
Upstart declined nearly 10% after the consumer lending company reported second quarter results that missed both profit and revenue expectations.
Treasury prices staggered, raising yields to 2.80% from Monday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.19 to $91.95 U.S. a barrel.
Gold prices leaped $8.70 to $1,813.90 U.S. an ounce.
