Dow Jones, S&P 500 in the red as utility, consumer, healthcare stocks weigh on US market today; tech stocks lift Nasdaq

Wall Street Dow Jones LIVE: Two of the three main Wall Street indices — the Dow Jones and the S&P 500 — began Tuedsay's session in the red, mirroring weakness across major markets elsewhere around the globe. Concerns about sticky inflation leading to higher-for-longer interest rates continued to batter investor sentiment. Gains in tech stocks, however, helped the sector-heavy Nasdaq Composite stay afloat in the green with mild gains.

US Market Today: Dow Jones and S&P 500 fell and the US tech stocks-heavy Nasdaq Composite rose in early deals on Tuesday. | Image: Reuters

Wall Street Dow Jones LIVE: The Dow Jones and the S&P 500 — two of the three main Wall Street indices — weakened on Tuesday, mirroring selling across a majority of major share markets across the globe as investors fretted over the possibility of higher-for-longer benchmark interest rates amid sticky inflation. The US tech stocks-heavy Nasdaq Composite, however, managed to eke out small gains led by gains in stocks such as Tesla and Netflix, which rose around one per cent each in early deals.

Losses in utility, consumer and healthcare shares pulled the Dow Jones lower, though gains in material, real estate and financial stocks lent some support.

The Dow Jones shed as much as 200.2 points or 0.6 per cent to 32,688.9 within the first hour of trade, and the S&P 500 slipped as much as 12.1 points or 0.3 per cent to 3,970.2. The Nasdaq Composite, on the flipside, gained to as high as 11,509.1, up 42.1 points or 0.4 per cent from its previous close.

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At 10:23 am in the US (8:53 pm in India), the Dow Jones was down 167.2 points or 0.5 per cent at 32,721.9, the S&P 500 down 2.7 points or 0.1 per cent at 3,980.1, and the Nasdaq Composite up 11 points or 0.1 per cent at 11,478 amid choppy trade.

All of the three main US market benchmarks are set to end February 2023 weaker as signs of a strong US economy and red-hot inflation support bets the Fed will remain hawkish for longer than anticipated earlier.

Here's a look at the top movers and shakers in the 30-scrip Dow Jones universe:

Dow Jones LIVE: Top gainers

Amex, up 0.6 per cent
Nike, up 0.5 per cent
Walmart, up 0.3 per cent
Walgreens Boots, up 0.2 per cent
JPMorgan Chase, up 0.2 per cent

Dow Jones LIVE: Top losers

Goldman Sachs, down 1.9 per cent
Merck, down 1.9 per cent
UnitedHealth Group, down 1.3 per cent
Johnson & Johnson, down 1.2 per cent
Procter & Gamble, down one per cent

Among US mega tech shares, Meta Platforms (Facebook) was up 3.4 per cent.

Global stock market today

European markets began the day weaker after data suggested sticky inflation in France and Spain, with the pan-continent Stoxx 600 index trading down 0.4 per cent at the last count.

MSCI's All Country World Index — aimed at capturing the world equity action — was down 1.2 per cent. Earlier in the day, the US-based index provider's broadest gauge of Asia Pacific shares outside Japan fell 0.4 per cent.

On Dalal Street, benchmark indices Sensex and Nifty50 continued to fall for the eighth session in a row, wiping out Rs 10.6 lakh crore of investor wealth.

With inputs from agencies

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