The US stock market continues to slump on Tuesday with all three indexes suffering losses. The S&P 500 is down 0.51% or 10.59 points, the Dow Jones Industrial Average is down 0.47%, or 83.14 points and the NASDAQ is down 0.26%, or 13.4 points on the day.
China released data that pointed to a 6.8% decline in exports in the month of November, and also reported that imports dipped 8.7% on the month. Concerns that the world’s second-largest economy continued to struggle has pushed crude oil prices down even further on Tuesday. West Texas intermediate crude oil fell to $37.42 a barrel in Tuesday morning, following a 6% drop on Monday.
Crude oil is down 0.61% on the day with further concerns growing that OPEC will not reduce output in the near future.
Several companies are struggling early in the day, with Chipotle (NYSE:CMG) once again suffering losses. An e. coli breakout that has caused the stock to go down 1.4% on Tuesday morning. Anheuser-Busch InBev’s (BUD) stock is down 0.46% on the day as the Senate Judiciary committee will review the company’s proposal to purchase SABMiller (SBMRY) in a deal worth $110 billion.
Qualcomm (QCOM), the world’s biggest mobile chipmaker, has also suffered a major loss on Tuesday following the announcement that the European Union has charged the company with unfair business practices. The company could face a $2.7 billion fine as a result. The company stock has slid 4.7%, down to $50.28 a share, on Tuesday.