US Stock Market Today: Nasdaq, S&P 500 Slip Amid Tech Valuation Worries; Dow Jones Rises Slightly
US markets opened mixed on Tuesday as tech valuation concerns dragged the Nasdaq and S&P 500 lower, while the Dow Jones edged up 0.17% amid gains in industrial and financial stocks.
Traders monitor stock movements on Wall Street as tech stocks drag Nasdaq and S&P 500 lower while the Dow Jones edges higher amid valuation concerns.
On Tuesday, the US stock market had a mixed opening with the major indices representing different trends as the investor mood became cautious due to the increase in tech valuations.
The Dow Jones Industrial Average which is composed of 30 large industrial companies gained 0.17%, opened at 47,384.51 points at 9:30 a.m. (EDT) thanks to strength in the industrial and financial sectors. On the other hand, the S&P 500 lost 0.25% and went down to 6,815.64 points, and the Nasdaq Composite dropped 0.51% and ended at 23,407.72 points, all due to an overall decline in the tech sector.
The analysts of the market speculate that the decline in the tech stocks is a sign that the investors are losing trust in the valuations being so high, especially after the sector's recent rally. Additionally, traders are closely watching the US inflation figures and the Fed's commentary for more indications of the interest rate trend.
The overall market volatility did not affect the energy and banking stocks as these sectors posted small gains, thereby contributing to the stabilizing of the sentiment.
