Stock Market Today: Stocks Close Lower on Downbeat Economic Data
One mega-cap tech stock stood out in an otherwise choppy session.


Market participants returned from a long holiday weekend only to be greeted by downbeat economic data, rising Treasury yields and higher prices for crude oil.
Economic data from overseas set the mood early in the session. China reported its slowest rate of growth in services activity in eight months, while a survey in Europe revealed a steeper-than-forecast decline in business activity in the euro zone. In a separate development that added to concerns about global growth, prices for crude oil rose after Saudi Arabia and Russia announced a new extension to their voluntary supply cuts.
News on the U.S. economy was likewise disappointing. U.S. factory orders dropped 2.1% in July, the Commerce Department said Tuesday. Although that was better than economists' forecast for a decline of 2.3%, July marked the first drop in orders for U.S. manufactured goods after four straight monthly increases.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Rising Treasury yields also weighed on stocks, especially those in more rate-sensitive sectors. At the closing bell, the blue-chip Dow Jones Industrial Average slipped 0.6% to 34,642, while the broader S&P 500 declined 0.4% to finish at 4,496. The tech-heavy Nasdaq Composite held up comparatively well, slipping less than 0.1% to close at 14,020, helped in no small part by Tesla (TSLA).
Tesla reverses course after last week's selloff
Tesla stock bounced back from a selloff of more than 5% on Friday to jump 4.7% on Tuesday. The electric vehicle maker, which has a weighting of almost 3% in the Nasdaq-100, added about $37 billion in market capitalization in the process.
TSLA has more than doubled in 2023, but a series of price cuts to vehicles have added volatility to an already dramatic stock, knocking shares off their mid-July high. Whether investors are interested in Tesla as one of the best green energy stocks or for its market-beating potential through year-end and beyond, Wall Street is close to being split on the name.
Of the 41 analysts covering Tesla surveyed by S&P Global Market Intelligence, 11 rate it at Strong Buy, four say Buy, 20 call it a Hold, one says Sell and one has it at Strong Sell. That works out to a consensus recommendation of Buy, albeit a tepid one.
For Tuesday, at least, Tesla was a big winner, and that helped mitigate widespread selling pressure in a turbulent session.
Related content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Dan Burrows is Kiplinger's senior investing writer, having joined the publication full time in 2016.
A long-time financial journalist, Dan is a veteran of MarketWatch, CBS MoneyWatch, SmartMoney, InvestorPlace, DailyFinance and other tier 1 national publications. He has written for The Wall Street Journal, Bloomberg and Consumer Reports and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among many other outlets. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange.
Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.
In his current role at Kiplinger, Dan writes about markets and macroeconomics.
Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.
Disclosure: Dan does not trade individual stocks or securities. He is eternally long the U.S equity market, primarily through tax-advantaged accounts.
-
Quiz: Test Your Knowledge of the OBBB, Wealth Transfer and Early Retirement
Quiz The financial professionals who contribute to Kiplinger's Adviser Intel recently wrote about the OBBB's impact on retirement, how to ensure your wealth passes to your family and early retirement questions.
-
Quiz: Do You Know What Medicare Gives You for Free?
This quiz tests your knowledge of the services that Medicare provides at no cost to you.
-
Stocks Rise to Start Fed Week: Stock Market Today
The Nasdaq Composite and S&P 500 hit new record closing highs as Wall Street awaits the Fed's next rate cut.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
Dow Retreats From a Record High: Stock Market Today
Quietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
-
What Tariffs Mean for Your Sector Exposure
New, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
-
Dow Dives 542 Points on Soft Jobs Data: Stock Market Today
The last day of a busy week ends with the first greater-than-1% move in either direction in more than a month.