In U.S. economic data, the September U.S. Conference Board’s consumer confidence index slipped to 125.1, a three month low, from 133.3, as escalating trade tensions with China undermined confidence, underscoring the dangers of a conflict that has harmed key business sectors such as manufacturing and farming and poses a threat to a record U.S. economic expansion.
”Consumer confidence plunged in September which counts as a big surprise that may sidetrack the economic expansion that is relying on consumer spending to fuel growth,” wrote Chris Rupkey, chief financial economist for MUFG. “This unwelcome news on souring consumer spirits is a startling new development that could even bring more rate cuts later this year from the Federal Reserve.”
The U.S. S&P Case Shiller home-price index for July rose 2% year-on-hear in July, the slowest pace of home price apprecation since 2012.
Which stocks were in focus?
WeWork founder and Chief Executive Adam Naumann is reportedly stepping down from that role, after the parent company The We Co . was forced to delay an initial public offering earlier this month.
Alphabet Inc . /zigman2/quotes/202490156/composite GOOGL +1.00% /zigman2/quotes/205453964/composite GOOG +1.00% subsidiary Google won a European court fight over tougher “right to be forgotten” rules . Europe’s top court ruled that Google does not have to remove links to sensitive personal data worldwide, as demanded by French authorities.
Starbucks /zigman2/quotes/207508890/composite SBUX -0.77% won an appeal against a European Union demand to pay up to $33 million in back taxes to the Netherlands, though the stock closed 1% lower on the day.
Facebook /zigman2/quotes/205064656/composite FB +0.38% announced the acquisition of start-up CTRL-labs for an undisclosed amount. CTRL-labs explores ways for people to communicate using brain signals. Shares fell 3% Tuesday.
Shares of BlackBerry Ltd . /zigman2/quotes/202784246/composite BB -0.62% fell 22.6% after posting weaker-than-expected numbers for its fiscal second quarter.
How did other markets trade?
U.S. Treasury yields fell on Tuesday after a consumer confidence indicator sagged, suggesting the bedrock of the U.S. expansion may be developing cracks under the pressure of global growth worries and continuing trade tensions. The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.87% slumped 7.2 basis points to 1.632%, marking its biggest daily drop in a month.
Gold prices logged their highest finish in nearly three weeks Tuesday, after President Donald Trump criticized China and took a hard-line stance on Iran during his speech at the United Nations General Assembly, pressuring U.S. stocks and boosting the metal’s haven appeal. Gold for December delivery on Comex rose 0.6% to settle at $1,540.20 an ounce, while December silver declined 0.4%, to $18.63 an ounce.
Oil futures settled lower Tuesday, pressured by signs that Saudi Arabia is making progress in restoring production following attacks on processing facilities, as well as concerns over the global demand picture. West Texas Intermediate crude for November delivery , the U.S. benchmark, fell 2.3% to settle at $57.29 a barrel. November Brent the global benchmark, fell $1.67, or 2.6%, to $63.10 a barrel on ICE Futures Europe.
In Asia overnight Tuesday, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -1.81% was little changed around 3,901 while Japan’s /zigman2/quotes/210597971/delayed JP:NIK -1.06% Nikkei 225 index was also steady at 22,098. European stocks were little changed, according to the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.65% .