Stocks Opened Lower as Technology and Internet Weighed

U.S. stocks opened lower on Tuesday, with technology and internet shares weighing on the broader market, ahead of Federal Reserve Chairman Jerome Powell’s Senate testimony. The Dow Jones Industrial Average fell 55.16 points, or 0.22%, to 25,009.20. The S&P 500 slipped 5.68 points, or 0.20%, to 2,792.75. The Nasdaq Composite retreated 26.62 points or 0.34%, to 7,779.10.

Oil prices continued lower in volatile action on Tuesday as traders remained concerned about a potential rise in output and an uncertain economic and political backdrop. West Texas Intermediate crude dropped 16 cents, or 0.2%, to $67.90 a barrel, while Brent oil fell 19 cents, or 0.3%, to $71.64 a barrel.

U.S. production of goods such as new trucks, planes, drilling rigs and consumer electronics rebounded in June as the economy hit overdrive in the spring. Industrial production rose 0.6% in June to more than offset a similarly sized decline in May, the Federal Reserve said Tuesday.

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