US Equities Markets End Lower Tuesday After Manufacturing Data

04:07 PM EDT, 09/03/2024 (MT Newswires) -- US benchmark equity indexes ended lower Tuesday after reports showed the manufacturing sector stayed in contraction territory in August.

* The US manufacturing sector remained in contraction territory last month as demand weakness weighed on new orders, according to data from the Institute for Supply Management and S&P Global.

"Rate cuts will help, but it is looking more and more like it's going to take more than a handful of (25-basis-point) moves to get manufacturing going again," Jefferies said in a note.

* S&P 500 companies' latest quarterly earnings have increased by a double-digit percentage from a year earlier in what has been a "better-than-expected" reporting season that's nearly wrapped up, Oppenheimer Asset Management said in a note.

Zscaler (ZS), GitLab (GTLB) and HealthEquity (HQY) are among the companies scheduled to report after Tuesday's closing bell.

* October West Texas Intermediate crude oil closed down $3.21 to settle at $70.34 per barrel, while November Brent crude, the global benchmark, was last seen down $3.91 at $73.61 as weak economic data from China, the end of the US summer driving season and next month's likely return of some shut-in supply from OPEC offset falling supply from Libya.

* Intel (INTC) shares slumped 9%. The chipmaker could be removed from the Dow as a sharp drop in its share price this year has made it the worst performer on the index, Reuters reported, citing analysts and investors.

* Tilray Brands (TLRY) closed its acquisition of craft breweries Hop Valley Brewing, Terrapin Beer and Revolver Brewing from Molson Coors Beverage (TAP). Molson Coors shares were up 5.5%, while Tilray fell 1.8%.