US open: Stocks head south as investors await CPI reading

dl nyse new york stock exchange wall st street city finance dow jones nasdaq sp finance dollar dollars us usa united states of america — New York Stock ExchangeSharecast photo / Josh White

Wall Street stocks were in the red early on Tuesday as market participants digested more Q2 earnings and continued to await tomorrow's CPI reading.

As of 1515 BST, the Dow Jones Industrial Average was down 0.18% at 32,774.99, while the S&P 500 was 0.50% weaker at 4,119.39 and the Nasdaq Composite came out the gate 1.35% softer at 12,473.43.

The Dow opened 57.55 points lower on Tuesday, taking a bite out of gains recorded in the previous session.

On Tuesday, traders were continuing to look ahead to key inflation data scheduled for release on Wednesday, with the CPI print likely to help determine the pace of future interest rate hikes from the Federal Reserve.

Treasuries were also drawing an amount of investor attention, with the yield on the benchmark 10-year note slipping 0.043% to 2.797%, while its two-year counterpart advanced 0.041% to 3.247%.

In terms of earnings, Novavax slashed full-year earnings guidance overnight on the back of poor demand for its Covid-19 vaccines, while Nvidia slumped after issuing weaker-than-expected revenue guidance. Micron also cautioned that "macroeconomic factors and supply chain constraints" meant that revenues may fall short of previous guidance.

Capri Holdings beat earnings and revenue estimates, and Ralph Lauren delivered upbeat growth forecasts and delivered earnings that beat expectations.

Still to come, Coinbase, Spirit Airlines and Roblox will report after the market closes.

No major data points were scheduled for release on Tuesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Chevron Corp. (CVX) $156.59 2.07%
Unitedhealth Group Inc. (UNH) $544.28 1.43%
Travelers Company Inc. (TRV) $162.10 1.32%
JP Morgan Chase & Co. (JPM) $115.38 0.90%
American Express Co. (AXP) $158.60 0.84%
Merck & Co. Inc. (MRK) $89.11 0.70%
Goldman Sachs Group Inc. (GS) $336.76 0.62%
Dow Chemical Co. (DOW) $52.44 0.56%
Amgen Inc. (AMGN) $247.93 0.26%
Johnson & Johnson (JNJ) $170.54 0.20%