US Stock Market Today: S&P 500 Drops 0.5% & NASDAQ Slips 0.9% as US-China Trade Tensions Rekindle Investor Caution

Global markets declined on Tuesday as trade tensions between the United States and China resurfaced, prompting a selloff in equities and cryptocurrencies. The S&P 500 dropped 0.5% as of 11 a.m. in New York, while the NASDAQ 100 declined 0.9%. The Dow Jones Industrial Average showed little change. 

In Europe, the Stoxx 600 Index fell 0.4%, and the MSCI World Index lost 0.5%. The Bloomberg Magnificent 7 Total Return Index slipped 1.3%, reflecting weakness in major technology stocks.

Currency markets were mixed. The euro gained 0.2% to $1.1595, while the British pound fell 0.3% to $1.3296. The Japanese yen strengthened 0.3% to 151.84 per dollar. The Bloomberg Dollar Spot Index remained stable. In cryptocurrencies, Bitcoin dropped 3.7% to $111,548.23, and Ether slid 7.3% to $3,976.10 following recent volatility and large-scale liquidations.

Bond yields reflected a cautious tone. The 10-year US Treasury yield edged up one basis point to 4.04%, while Germany’s 10-year yield declined two basis points to 2.61%. Britain’s 10-year yield fell seven basis points to 4.58%. 

The yield on 30-year Treasuries increased to 4.64%. In commodities, West Texas Intermediate crude fell 2% to $58.29 a barrel, and spot gold gained 0.4% to $4,127.65 an ounce.