Wall Street Off to Downbeat Start Tuesday

NEW YORK (AP) -- Stocks fell in morning trading on Wall Street Tuesday as traders return from a long holiday weekend to face a relatively quiet week.

The S&P 500 slipped 0.3%. The index is coming off its second weekly gain. The Dow Jones Industrial Average slipped 82 points, or 0.2%, to 34,756 as of 10:13 a.m. Eastern. The Nasdaq fell 0.4%.

Markets in the U.S. were closed Monday for the Labor Day holiday.

There was little corporate news for investors to focus on. Technology and industrial stocks were among the biggest losers. Advanced Micro Devices fell 2.1% and Union Pacific fell 1.8%.

Energy stocks gained ground along with rising crude oil prices after Saudi Arabia said it will extend its voluntary production cut of 1 million barrels of oil a day through the end of the year. U.S. crude oil prices rose 2% and Exxon Mobil rose 1.6%.

Markets in Europe and Asia were mixed. Hong Kong's benchmark fell 2.1%, as investors sold real estate shares which have gained recently follwing government efforts to support the ailing industry.

Investors have a few economic reports to look forward to this week and the latest round of corporate earnings is essentially finished.

The Institute for Supply Management releases its latest report on the U.S. services sector Wednesday. The services sector employs most Americans and is a big component of the economy. Its health could provide more insight into how inflation is affecting consumer spending.

Wall Street will also get updates on aspects of the manufacturing sector and consumer credit. DocuSign, GameStop, Dave & Buster's and Kroger are set to report their most recent quarterly financial results this week.

Last week, investors were busy reviewing a heavy load of economic data as they try to get a better picture of the economy. Much of the information fueled hopes that the Federal Reserve might moderate interest rate increases to tamp down inflation, which has been easing for months.

Bond yields rose. The yield on the 10-year Treasury rose to 4.25% from 4.18% late Friday. The yield on the 2-year Treasury, which tracks expectations for the Fed, rose to 4.92% from 4.88%.