S&P 500, Nasdaq snap winning streak, Dow falls 100 points

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Major indices in the US closed Tuesday with losses, as the S&P 500 and the Nasdaq snapped their days long winning streak despite starting the day in positive territory.

The Dow Jones fell 112 points, or 0.31%, to 36,319 points. While IBM was down 1.7%, Walt Disney fell 1%.

The S&P 500 was down 16 points, or 0.35%, to 4,685, putting an end to its eight consecutive days of increase. Tesla shares plummeted 12%, on top of a 4.8% loss on previous session, after CEO Elon Musk asked Saturday in a Twitter poll about selling 10% of his company shares.

The Nasdaq declined 95, or 0.6%, to 15,886. The tech-heavy index’ 11-day streak has come to an end. Pharmaceutical firms Pfizer and Novavax lost over 2% apiece, while Moderna fell 3.1%.

Amid rising fear and uncertainty in the markets about persistent high inflation, the VIX volatility index was up 3.2% to 17.77.

The yield on 10-year US Treasury notes, on the other hand, fell 3.7% to 1.441%, while the US dollar index was down 0.1% to 93.96.

US producer prices remained at a historically high level of 8.6% in October on an annual basis, unchanged from the previous month’s increase, the Labor Department said earlier.

The Producer Price Index (PPI), which measures changes in the price of goods and services from a producer perspective, was up 0.6% in October from the previous month, after rising 0.5% in September.

Oil prices were up with international benchmark Brent crude trading at $84.92 per barrel — a 1.8% gain. US benchmark West Texas Intermediate rose 3% to $84.36.

Precious metals were mixed with gold rising 0.4% to $1,830 per ounce but silver falling 0.5% to $24.33.

After climbing to a new all-time high of $68,444 earlier, Bitcoin was trading at $67,440 for a 2% gain.

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