S&P 500 falls as weak economic data weighs on market

US stocks declined at the close of trading on Tuesday, amid rising trade tensions between the US and India, and following data that showed a slowdown in the services sector growth in the world’s largest economy.

At the close of Tuesday’s session, the Dow Jones Industrial Average slipped 0.14%, or 61 points, to 44,111 points.

The broader S&P 500 dropped 0.49%, or 30 points, to 6,299 points, while the Nasdaq Composite declined 0.65%, or 137 points, to 20,916 points.

The Stoxx Europe 600 index edged up 0.15% to 541 points, supported by a 2.3% gain in the semiconductor sector.

Germany’s DAX rose 0.35% to 23,846 points, the UK’s FTSE 100 added 0.15% to 9,142 points, while France’s CAC 40 slipped 0.15% to 7,621 points.

Japan’s Nikkei 225 climbed 0.65% to 40,549 points, and the broader Topix index gained 0.70% to 2,936 points.

Brent crude futures for October delivery fell 1.63%, or $1.12, to $67.64 per barrel.

US WTI crude futures for September delivery declined 1.70%, or $1.13, to $65.16 per barrel.

December gold futures rose 0.24%, or $8.3, to $3,434.70 per ounce at the close of trading.

On the economic front, data released today by the Institute for Supply Management (ISM) showed that the US services PMI fell to 50.1 points in July, down from 50.8 points in June, missing expectations for a rise to 51.1 points. The reading brings the index closer to the 50-point threshold that separates expansion from contraction.

Meanwhile, US President Donald Trump stated that tariffs on pharmaceutical imports could reach as high as 250%, adding that he intends to significantly increase tariffs on India within 24 hours.