Market Commentary - Foreign Markets
U.S. stocks declined slightly on Tuesday, continuing to fall from their recent records. The S&P 500 decreased by 0.3%, marking two consecutive modest drops since its all-time high on Friday. The Dow Jones Industrial Average fell 184 points (0.3%) while the Nasdaq composite dropped 0.6%.
Oil prices experienced fluctuations due to uncertainty related to the ongoing war with Iran. Brent crude oil briefly rose above $90 before settling at $88.91, a 1.4% increase from Monday. Last month, Brent prices ranged from $72 to $102 per barrel. This rise in oil prices contributes to inflation, with gasoline prices averaging $4.01 a gallon, up from less than $3.14 a year ago, although down from last week's nearly $4.09.
The U.S. government is set to release the latest inflation data, which is predicted to show a decrease to 3.4% in July from 3.5% in June. On Holding's stock plummeted 20.3% despite reporting a better-than-expected quarterly profit. In contrast, Aramark’s shares surged by 8.5% following strong profit results, while Cardinal Health's stock rose by 1.3%.
International stock markets showed mixed results, with Hong Kong’s Hang Seng falling 1.1%. Treasury yields rose due to inflation concerns, though the 10-year Treasury yield slightly decreased to 4.69% from 4.72% but remains above its pre-war level of 3.97%.