Stocks Close Down Amid Weakness in Major Tech Companies

Market Performance: Major U.S. stock indexes closed lower on Tuesday, with the S&P 500 down -0.55% and the Nasdaq 100 down -0.73%, primarily due to weakness in large technology stocks and uncertainty regarding future interest rate cuts from the Federal Reserve.

Economic Indicators: The U.S. current account deficit for Q2 was smaller than expected at -$251.3 billion, while manufacturing sentiment and PMI data showed declines, indicating potential economic weakness.

Interest Rates and Bonds: The 10-year T-note yield fell to 4.12% amid dovish comments from Fed officials, with markets pricing in a high probability of a rate cut at the upcoming FOMC meeting.

Stock Movements: Energy stocks rallied due to rising crude oil prices, while major tech companies like Amazon and Nvidia saw significant declines. Additionally, several companies reported earnings or forecasts that influenced their stock performance, with notable gains for McKesson and ACM Research.