The S&P 500 moved lower on Tuesday following the benchmark’s worst day since October 2020, as investors remained on edge about surging commodity prices and slowing economic growth stemming from Russia’s invasion of Ukraine.
The Dow Jones Industrials were down 2.05 points to 32,815.33
The S&P 500 settled 7.11 points to 4,193.98.
The NASDAQ Composite lost 24.66 points to 12,806.31.
Certain mega-cap technology stocks dragged on the NASDAQ on Tuesday. Netflix lost 1.8%, Microsoft fell more than 2%. Apple and Amazon lost more than 1% each.
Rising prices for oil, gasoline, natural gas, and precious metals like nickel and palladium are fueling concerns about a slowdown in global growth. Paired with soaring inflation, investors could be facing a risk-off period.
Shares of Chevron strengthened 2.6% and Exxon rose 2.5% Plus, solar and other clean energy stocks moved higher as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy headed higher 3.9% and SunPower added 6.8%.
Shell apologized for buying cheap Russian oil and said it was divesting itself of all hydrocarbon holdings in the country. Russia itself warned that crude prices could hit $300 a barrel should Western countries enact a ban on exports. Shell shares popped 3% on Tuesday.
Prices for the 10-year Treasury plummeted, raising yields to 1.84% from Monday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices shot up $9.13 to $128.53 U.S. a barrel.
Gold prices brightened $57.70 to $2,053.60 U.S. an ounce.