U.S. stock indexes were set to open lower on Tuesday on concerns that a planned visit by U.S. House of Representatives Speaker Nancy Pelosi to Taiwan could worsen tensions between the United States and China.
, also known as Wall Street's fear gauge, rose to 24.23 points, its highest level in nearly a week.
"Chip stocks are really exposed to Asia. Some of them have 70% of their sales, especially chip equipment companies, in that region so it's a big deal for them," said Jack DeGan, chief investment officer at Harbor Advisory. Wall Street has kicked off August on a lackluster note following its best monthly performance since 2020 in July amid heightened fears of a global recession, after data showed factory activity weakened across the United States, Europe and Asia.Against that backdrop, investors have turned increasingly jittery about the health of corporate America.
"Any kind of geopolitical concern can cause traders who gained quite a bit last week to take a little bit off the table," Degan said. At 8:17 a.m. ET, Dow e-minis were down 178 points, or 0.54%, S&P 500 e-minis were down 26.75 points, or 0.65%, and Nasdaq 100 e-minis were down 112.75 points, or 0.87%.
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