Live Markets: Back to the post-summer grind: Stocks end red

Novartis AG

08/09/2026 21:20

US stock indexes fall: Nasdaq ends down ~0.3%, S&P 500 off ~0.6%, Dow down ~1.2%
Healthcare weakest S&P 500 sector; energy leads gainers
Dollar ~flat; gold, bitcoin both down ~1%; US crude up ~2.8%
US 10-year Treasury yield edges up to ~4.79%
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BACK TO THE POST-SUMMER GRIND: STOCKS END RED 
Wall Street lost some ground on Tuesday as investors returned from their three-day holiday weekend only to be confronted by an expanding Middle East conflict, retaliatory tariffs from Canada and crude prices touching a six-week high.
While the Nasdaq .IXIC and the S&P 500 .SPX ended the day only modestly lower, the blue-chip Dow .DJI suffered the steepest loss, weighed down by drugmaker Amgen AMGN.O, following Novartis' NOVN.S disappointing cholesterol drug study and BMO's downgrade of the stock.
Utilities .SPLRCU were among the top performers among the S&P 500's 11 major sectors, benefiting from a U.S. heatwave, while energy stocks .SPNY got a boost from rising crude. Amgen helped drag healthcare .SPXHC to the sharpest percentage decline. 
Hostilities in the Middle East ramped up, following attacks by Iran-backed Houthis on four Saudi cities and Israel's decision to shutter the British consulate in East Jerusalem after the UK, France and Canada banned imports from Israeli settlements in the West Bank.
Closer to home, Canada's counter-tariffs, on $20 billion worth of U.S. goods, took effect at midnight, and covered everything from steel to furniture to clothing and electronics.
Elsewhere in the market, chips .SOX had a good day, with Intel INTC.O, AMD AMD.O, and Seagate Technology STX.O rising between 5.9% and 9.1%. Nvidia NVDA.O, on the other hand, lost 2.0%.
On the losing end, travel & leisure stocks .SPCOMHOTL, and housing-related shares .HGX, .SPCOMHOME were obvious underperformers, dropping between 2.8% and 3.8%.
On the economics front, small business sentiment dipped as expectations of near-term business conditions deteriorated. Later in the week, the Labor Department's Producer Price and Consumer Price indexes are expected on Thursday and Friday, respectively.
These two inflation indicators could move the expectations needle regarding the Fed's September rate decision. Financial markets are currently baking in a 60.4% likelihood of a 25-basis-point rate hike when the central bank convenes next week.
Here's your closing snapshot:
(Stephen Culp)
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EARLIER ON LIVE MARKETS:
RETAIL INVESTORS KEEP LEANING INTO STOCKS CLICK HERE
SPACEX'S INDEX WEIGHT POISED TO RISE AS MORE SHARES BECOME AVAILABLE TO TRADE CLICK HERE
NFIB: SMALL BUSINESS OPTIMISM FALTERS AS ECONOMIC EXPECTATIONS DIM CLICK HERE
MARKETS CAUGHT BETWEEN GEOPOLITICS AND CPI CLICK HERE
THE FACTOR DERBY IS DOWN TO TWO HORSES CLICK HERE
YEN SURGE, BUT NO REPEAT OF 2024 JUST YET CLICK HERE
HALF-TIME IN EUROPE: STUCK IN THE RED CLICK HERE
COPPER SHAKES UP METALS ORDER CLICK HERE 
NEGATIVE DRIVERS PILE UP CLICK HERE
EUROPE BEFORE THE BELL: BACK TO BUSINESS CLICK HERE
SUMMER'S OFFICIALLY OVER. BUCKLE UP! CLICK HERE
     

Closing snapshot https://www.reuters.com/graphics/USA-STOCKS/znvngdkonpl/closer.png