US Stocks Advance as Oil Prices Pull Back and Trade Deficit Widens
The US stock markets opened higher on Tuesday, building on the previous session's gains as falling oil prices eased some of the pressure on equities. As of 1500 BST, the Dow Jones Industrial Average rose 0.61% to 51,579.03, the S&P 500 advanced 0.58% to 7,818.92, and the Nasdaq Composite climbed 0.57% to 27,634.90. The gains came despite lingering concerns over elevated Treasury yields, which saw the 10-year benchmark yield dip slightly to 5.303% after hitting its highest level since 2002 earlier in the week.
The pullback in oil prices provided additional support to equities, with Brent crude down 2.12% at $98.19 a barrel and West Texas Intermediate dropping 1.58% to $88.02 a barrel. On the macroeconomic front, the US trade deficit widened in August to $105.6 billion, up from $92.8 billion in July, driven by a sharp increase in imports, particularly industrial supplies, crude oil, gold, and capital goods.
Among the top performers in the Dow Jones were Procter & Gamble Co. (PG), up 1.71%, and Caterpillar Inc. (CAT), which gained 1.55%. Conversely, Dow Chemical Co. (DOW) fell 1.54%, and Apple Inc. (AAPL) dropped 0.91%. In the S&P 500, Illumina Inc. (ILMN) surged 11.04%, while Coterra Energy Inc. (CTRA) plummeted 8.62%. The Nasdaq 100 saw Illumina Inc. (ILMN) rise 11.04%, and Mercadolibre Inc. (MELI) climb 4.28%, with Qvc Group Inc Series A (QVCGA) falling 13.49%.
Looking ahead, Constellation Brands was set to report its latest quarterly earnings after the market close, adding to the day's corporate developments.