Wall Street closes lower, Dow plunges by 400 pts

Tuesday, 02. August 2022 22:01

Major stocks on Wall Street closed Tuesday's session with significant losses as geopolitical concerns rose following the visit of US House Speaker Nancy Pelosi's to Taiwan earlier today, marking the first visit by a House leader to the country in 25 years.

On the earnings front, both Uber and Caterpillar reported an increase in their revenue in the second quarter of fiscal 2022, with PayPal, Starbucks, Airbnb, and Gilead set to report earnings after the market close.

The Dow Jones Industrial Average plunged by over 400 points or 1.22% at the closing bell, with Caterpillar Inc. sinking 5.82%. The Nasdaq 100 dropped by 0.31%, with Old Dominion Freight Line Inc. plummeting by 3.17%. The S&P 500 was down by 0.66%, as the Molson Coors Beverage Company pulled the index down by 10.46%.

The euro lost 0.92% against the dollar, going for $1.01686 at 4:03 pm ET.

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