US Stocks Moderately Lower Tuesday

(AP) -- Stocks were lower in morning trading Tuesday as traders return from the Labor Day weekend. Industrial and health care stocks were the biggest drag on the market in the early going.

The S&P 500 index lost 0.5% as of 10:15 a.m. Eastern. The Dow Jones Industrial Average fell 0.8% and the technology-heavy Nasdaq composite fell 0.1%.

Apple rose 1% and Netflix rose 3%, which helped keep the Nasdaq's losses to a minimum.

Traders are back from their summer holidays, and volatility is expected to pick up in the coming days and weeks. Stocks churned higher throughout the summer, helped by stronger-than-expected earnings from big companies as well as guidance from the Federal Reserve that the central bank plans to keep interest rates low.

The market had only a mild negative reaction to the August jobs report, which showed employers hired fewer workers than expected. The report came out Friday, just ahead of the Monday expiration of extended unemployment benefits, which had been in place since March 2020, when the pandemic started.

A tick up in bond yields was helping out bank stocks. The yield on the 10-year Treasury note rose to 1.38% from 1.33% on Friday. JPMorgan Chase, Citigroup, Wells Fargo and Truist Financial were all up 1% or more.