Wall Street traded lower for the second consecutive day on Tuesday, as investor sentiment turned cautious with the U.S. presidential election just two weeks away.
Concerns over U.S. fiscal policies and potential shifts in economic direction fueled the pause in risk-taking.
The International Monetary Fund (IMF) upgraded its U.S. growth forecasts for 2024 and 2025 in the latest World Economic Outlook, while also flagging rising concerns about the country's debt trajectory, warning that with current large fiscal deficits, “the U.S. public debt is not stabilized.”
Commodities were the standout performers on Tuesday, with both metals and energy experiencing notable gains.
Silver, tracked by the iShares Silver Trust (NYSE:SLV), surged 2.8%, reaching levels not seen since October 2012.
Oil prices rallied nearly 3%, building on a 2% surge from Monday. U.S. Treasury yields ticked up modestly on Tuesday following Monday's spike, with the 10-year yield settling at 4.21%.
Meanwhile, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), climbed past the 104 mark, continuing its steady ascent and eyeing a fourth consecutive week of gains.
In the cryptocurrency market, Bitcoin (CRYPTO: BTC) fell 0.5%, dipping to around $67,000 and marking its second consecutive day of declines.
Tuesday’s Performance In US Major Indices, ETFs
According to Benzinga Pro data:
Tuesday’s Stock Performers
General Motors Co. (NYSE:GM) surged 9%, on track for its strongest session in nearly a year, after reporting stronger-than-expected earnings and announcing an additional $5 billion share buyback program extending into next year.
Other stocks reacting to earnings include:
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