US Stock Market Overview – Stocks Drop Led Down by Energy and Technology

US stocks moved lower on Tuesday after a 3-day weekend. The Nasdaq was the worst-performing of the major averages,  falling more than 3%. Technology stocks were on the defensive, as high flyers like Tesla tumbled more than 20%. The dollar moved higher while gold prices rose, and US yields moved south. Most sectors in the S&P 500 index were lower, led down by energy shares. Crude oil prices dropped more than 8% which weighed on the energy complex. Cyclical stocks seemed to buck the trend. The VIX volatility index moved higher on Tuesday but finished well off session highs. Boeing shares tumbled more than 5% as the company announced additional issues with the 787. Apple announced that it will hold its September event as a virtual-only event.

Apple Announces Virtual Event

Apple shares tumbled 3% on Tuesday and continued to slide. This comes despite the company on Tuesday announcing a digital-only event on September 15 where it’s expected to reveal new products. Apple typically unveils its new iPhones during an event at its headquarters in Cupertino, California, in September.

Boeing Announces Additional Problems

Boeing shares dropped more than 5% on Tuesday as the company announced that it has discovered another manufacturing problem that is slowing deliveries of its 787 Dreamliner. The company in August grounded eight 787s overproduction issues that prompted U.S. air-safety regulators to review quality-control lapses. The production issues have slowed 787 deliveries.