US stocks fell Tuesday as investors considered financial warnings from the tech sector while they braced for this week's high-profile report on inflation as the Federal Reserve sets its sights on further interest rate hikes.
Russia's decision to suspend oil exports through the southern segment of the Druzhba line could deepen Europe's energy crisis.
Tech stocks fell with Micron becoming the latest chip maker to warn that it's quarterly revenue projections may fall short of Wall Street's targets. Nvdia said that weakness in the gaming sector will hurt its second-quarter revenue. Novavax plunged as it halved its sales outlook as demand for its vaccine slows.
The US indexes stood after the opening bell.
Before the July inflation report, investors sift through corporate updates. The headline reading is expected to cool after June's increase. Several Fed officials recently said that they are prepared to keep raising rates to bring down inflation.
Richard Hunter, head of markets at Interactive Investor, said that fears of a recession in the world's largest economy have been put to bed. The labor market indicates that the economy is strong enough to resist further rate rises without tipping into recession.
The S&P 500 was on the verge of its fourth straight loss, while theNasdaq was on the verge of its third straight decline. The index has risen over the last two days.
Oil prices went up. The price of West Texas Intermediate crude went up. The international benchmark fell 1.2% to 97.83.
Warren Buffet's company has increased its stake in the oil and gas company.
Norway wants to cut energy supplies to Europe in order to push up power prices.
The price of gold was at $1788. The yield on the 10-year Treasury declined.
The price of the digital currency fell to $23,280.08.
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