US stocks dip after recent gains, NASDAQ down around 1%

US stocks eased yesterday as cooling optimism about Chinese stimulus measures hit commodities like crude oil and Copper. A drop in chipmaking stocks also weighed and the US benchmarks fell from record highs. At the close in NYSE, the Dow Jones Industrial Average lost 0.75%, while the S&P 500 index fell 0.76%, and the NASDAQ Composite index lost 0.98%. The Dow and the S&P 500 reached record closing highs on Monday, with the Dow ending above 43,000 for the first time. The Nasdaq is also nearing record highs set in July.

Meanwhile, the Federal Reserve Bank of New York released a report showing regional manufacturing activity has returned to contraction in the month of October. The New York Fed said its general business conditions index tumbled to a negative 11.9 in October from a positive 11.5 in September, with a negative reading indicating contraction. Despite the downturn in October, the New York Fed said optimism about the six-month outlook grew strongly, with the index for future business activity jumping to a multi-year high of 38.7 in October from 30.6 in September.

WTI Crude oil futures slumped Tuesday after US officials said Israel had assured the Biden administration that it wouldn't target Iran's oil or nuclear facilities in a planned attack. WTI crude oil futures slumped to a two-week low below $71 per barrel mark. Fall in China's oil imports for the fifth straight month also raised concerns about weak demand in the world's top importer.

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