Stocks opened Tuesday’s trading session lower as investors monitored geopolitical tensions ahead of U.S. House Speaker Nancy Pelosi’s trip to Taiwan.
Shortly after the opening bell, the S&P 500 was off 0.4%, the Dow down 0.5%, and the Nasdaq fell 0.6%.
On Monday, the major averages were lower, but little-changed, as August kicked off with a lackluster start to trading after July saw the S&P 500 gain over 9% for its best month since November 2020.
U.S. stocks were taking their cues from international markets, with Europe’s major indexes red across the board as Hong Kong’s Hang Seng fell 2.3% overnight and stocks in Shanghai lost over 2.2%. Japan’s Nikkei fell 1.4% overnight.
The company reported revenue of $8.1 billion on gross bookings of $29.1 billion. Revenue had been expected to come in at $7.4 billion. Adjusted EBITDA also beat estimates, totaling $364 million against expectations for $266 million. Uber also said it recorded $382 million in free cash flow during the second quarter.
The price of crude oil was also lower early Tuesday, down over 1% with WTI crude futures trading below $93 a barrel. The price of gas in the U.S. has now fallen 17% since its mid-June peak to below $4.17 a gallon.
Patrick de Haan at GasBuddy said Monday the price of gas will likely fall below $4/gallon nationally within the next 10 days.
In crypto markets, bitcoin (BTC-USD) was down over 2% early Tuesday to trade back below $23,000. A broad move lower in crypto markets was underway Tuesday morning amid the risk off sentiment in financial markets.
Crypto markets were also under pressure following a late Monday hack of the Nomad protocol, which lost nearly all of its funds totaling about $200 million.
In individual stock news, shares of Pinterest (PINS) were up over 16% in early trading after activist investor Elliott Management confirmed a stake in the social media company that makes it Pinterest’s largest shareholder.
Elliott also backed Pinterest’s new CEO Bill Ready, calling Ready “the right leader to oversee Pinterest’s next phase of growth.”
This news overshadowed a quarterly report from Pinterest that showed a decline in users as social media players continue to struggle in a shifting digital ad market.