The US markets ended lower on Tuesday, with Dow Jones Industrial Average ending over cut of one percent, as rising tensions between the US and China, and signs of slowing global growth weighed on sentiment. Tensions between the US and China have risen due to US House Speaker Nancy Pelosi's visit to Taiwan. It is feared that Pelosi's trip to Taiwan would raise tensions between the two economic superpowers. Chinese foreign ministry spokesman Zhao Lijian said that Pelosi's visit would lead to very serious developments and consequences. The White House has warned China against turning her visit into a crisis.
On the economic data front, data from the Labor Department showed the number of job openings in the US fell by 605,000 from a month earlier to 10.7 million in June of 2022, the lowest in nine months and below market expectations of 11 million. Stock specific developments, Uber Technologies shares soared nearly 19 percent after the company said that gross bookings reached an all-time high of $29.1 billion in the second quarter this year, up 33 percent over the corresponding quarter last year. Pinterest zoomed 12.25 percent, buoyed by news about Elliott Investment Management becoming the largest shareholder of the company.
Dow Jones Industrial Average fell 402.23 points or 1.23 percent to 32,396.17, Nasdaq dropped 20.22 points or 0.16 percent to 12,348.76 and S&P 500 was down by 27.44 points or 0.67 percent to 4,091.19.
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