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 Industrial dumped 183.46 points to 32,633.92
The S&P 500 settled 33.73 points to 4,167.36.
The NASDAQ Composite tumbled 123.73 points, or 1%, to 12,707.23.
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.
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.
Shares of Chevron acquired 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 added 3.9% and SunPower grew 6.8%.
Prices for the 10-year Treasury plummeted, raising yields to 1.85% from Monday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices shot up $8.85 to $128.25 U.S. a barrel.
Gold prices brightened $72.90 to $2,053.60 U.S. an ounce.