NEW YORK (AP) — Stocks on Wall Street opened slightly lower, causing the Dow Jones Industrial Average to fall slightly below its record high of the previous day. In the first minutes of trading on Tuesday, the Dow lost 63 points, or 0.1 percent. The S&P 500 lost 0.3 percent and the Nasdaq Composite lost 0.5 percent. The share price of the parent company of the film studio Paramount fell 5 percent after Edgar Bronfman Jr., the former head of the Warner Music Group, withdrew his takeover offer for the company, paving the way for its takeover by the media company Skydance. In the bond market, yields on government bonds rose.

THIS IS A BREAKING NEWS. The previous AP story follows below.

NEW YORK (AP) — Wall Street was slow to gain momentum in premarket trading Tuesday as markets looked ahead to Nvidia’s earnings report and the latest government inflation data.

Futures for the S&P 500 rose less than 0.1 percent before the market opened, while futures for the Dow Jones Industrial Average were essentially unchanged a day after the index hit an all-time high.

To fill the gap ahead of Nvidia’s highly anticipated earnings report on Wednesday, Paramount shares plunged 6% after Edgar Bronfman Jr. withdrew his offer to buy Shari Redstone’s National Amusements, the majority shareholder of the renowned Hollywood studio.

A previously agreed merger between Paramount and media company Skydance appears to be close to completion after Bronfman told Paramount’s special committee of board members on Monday evening that he was withdrawing his $6 billion offer.

Cava Group shares fell 9.3% after the Mediterranean fast-casual restaurant chain disclosed significant insider stock sales. Cava last week raised its full-year guidance and reported strong sales and earnings, driving its shares to an all-time high.

Later Tuesday, the Conference Board will release its consumer confidence index for August.

In Europe, the German stock index DAX rose 0.4 percent at lunchtime after data from the statistics office on Tuesday showed that the country’s gross domestic product fell 0.1 percent in the second quarter from the previous quarter.

The CAC 40 in Paris rose 0.1 percent and in London the FTSE 100 gained 0.3 percent.

China’s industrial profits rose 4.1 percent year-on-year in July, with overall profits up 3.6 percent for the first seven months, raising hopes in the market amid sluggish domestic demand, a housing downturn and labor market concerns.

But additional tariffs on China are clouding the country’s prospects for successful manufacturing. Canada announced on Monday a 100 percent tariff on imports of Chinese electric vehicles and a 25 percent tariff on Chinese steel and aluminum. The measures are set to take effect on October 1.

The Hang Seng in Hong Kong rose 0.4% to 17,874.67 and the Shanghai Composite Index fell 0.2% to 2,848.73.

The Japanese benchmark index Nikkei 225 closed 0.5% higher at 38,288.62. The Australian S&P/ASX 200 fell 0.2% to 8,071.20. The South Korean Kospi fell 0.3% to 2,689.15.

Oil prices retreated from recent highs triggered by heavy fighting between Israel and Hezbollah on Sunday. The U.S. benchmark crude price fell 41 cents to $77.01 a barrel. Brent crude, the international standard, lost 39 cents to settle at $79.97 a barrel.

In foreign exchange trading, the US dollar rose from 144.52 yen to 144.56 Japanese yen. The euro cost 1.1165 dollars, a slight increase from 1.1161 dollars previously.

Semiconductor manufacturer Nvidia will present its latest financial results on Wednesday. Wall Street’s mania for artificial intelligence has pushed Nvidia’s market value up to over $3 trillion.

The most important economic report for investors this week comes on Friday, when the government releases its latest inflation data, the Personal Consumption and Expenditure (PCE) report for July, the Federal Reserve’s preferred inflation measure. Most market observers are betting that the Fed will cut its benchmark interest rate at its September meeting, barring an unexpectedly sharp rise in prices.

The S&P 500 fell 0.3 percent on Monday, remaining 0.9 percent below its July record. The Nasdaq Composite lost 0.9 percent, dragged down by several technology companies, whose high values ​​tend to tip the market. The Dow rose 0.2 percent to 41,240 points, surpassing its previous high in mid-July.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.