Global markets update: US stocks dip on higher oil prices, rising yields

US stocks dipped on Tuesday, weighed down by rising treasury yields and higher oil prices.

The S&P 500 lost 18.97 points, or 0.42%, at 4,496.8. The Dow Jones Industrial Average fell 195.61 points, or 0.56%, at 34,642.1. The Nasdaq Composite dropped 10.86 points, or 0.08%, at 14,020.95.

Technology stocks gained, with Microsoft adding 1.5%.

Energy stocks rose on higher crude oil prices after Saudi Arabia and Russia said they will extend their voluntary production cut of 1 million barrels of oil a day through the end of the year.

Shares of Chevron climbed 1.3%.

The yield on the 10-year treasury rose at 4.27% from 4.18% late Friday. The yield on the 2-year treasury rose at 4.96% from 4.88%.

Currencies

The US dollar rose at 147.78 Japanese yen from 146.50. It fell at $1.0722 from $1.0796 against the euro.

Europe

European shares fell on Tuesday, with the pan-European STOXX 600 index losing 0.2%.

Britain’s FTSE 100 edged up 0.3% at 7,472.95. Germany’s DAX added less than 0.1% at 15,836.59. France’s CAC 40 rose less than 0.1% at 7,282.83.

Luxury and construction & materials fell 1.2% and 1.0%, respectively, on weak China services data.

A report showed that the euro zone business activity declined faster than expected in August.

Real estate stocks fell 0.3%, the personal and household goods sector lost 0.9%.

Asia

Asian stock markets mostly fell on Tuesday after poor Chinese data.

A report showed that China’s services sector grew in August at a much slower pace than expected.

Hong Kong’s Hang Seng index fell 2.1% at 18,456.91. China’s Shanghai Composite lost 0.7% at 3,154.37. Japan’s Nikkei 225 edged up 0.3% at 33,036.76. Australia’s S&P/ASX 200 index closed 0.1% lower at 7,314.30. New Zealand’s benchmark S&P/NZX 50 index ended 0.7% down at 11,437.25.

Energy prices

Brent crude for November delivery added $1.04 at $90.04 a barrel on Tuesday. US crude oil benchmark for October delivery rose $1.14 at $86.69 a barrel.

Natural gas for October delivery fell 19 cents at $2.58 per 1,000 cubic feet.

Bullion

Gold for December delivery slid $14.50 at $1,952.60 an ounce. Silver for December delivery fell 69 cents at $23.87 an ounce.