US Stocks Open Lower Amid Rising Crude Prices and Treasury Yields
The major US stock indexes opened lower on Tuesday due to rising crude prices and elevated Treasury yields. The Dow Jones Industrial Average fell by 253 points, while the S&P 500 declined 0.23% and the Nasdaq Composite dropped 0.30%. This cautious tone followed Monday's selloff in technology stocks, which was partly driven by calls from leading artificial intelligence companies to slow down advanced AI model development over safety concerns.
Alphabet and Microsoft each fell about 1%, but Nvidia shares rose around 1.12% despite the broader market uncertainty. The potential effect of a slowdown on corporate spending and demand for computing infrastructure remains unclear, adding to investors' concerns who are already dealing with above-target inflation and higher borrowing costs.
Shares of Dave & Buster's Entertainment fell more than 7% after the arcade and entertainment chain reported second-quarter revenue below expectations. Meanwhile, Waystar shares climbed 6.7% as reports suggested that the healthcare software company was exploring strategic options, including a potential sale.