Markets Are Doing A Whole Lot Of Nothing (DIA, SPY, QQQ, IWM, USD, JPY, LOCO, GLD)

Myles Udland

Stocks are doing nothing.

In afternoon trade, the Dow was down 14 points, the S&P 500 was down less than a point, and the Nasdaq was up 3 points.

The bond market was closed on Tuesday in observation of the Veterans Day holiday. 

The small losses in the stock market come after both the Dow and the S&P 500 made new all-time highs on Monday.

The big movers on Tuesday, however, were overseas, as the yen dropped again against the dollar, falling to a new 7-year low of 116 overnight after reports indicated that Japan could push back its planned sales tax increase. 

Reports out of Japan also said that its prime minster Shinzo Abe could be planning a "snap election," which as Business Insider's Tomas Hirst reports, could allow Abe to force through policies that are politically challenging. 

Gold and oil, which fell more than 1.5% on Monday, will also be in focus on Tuesday, as both commodities are currently sitting near multi-year lows. 

In stock news, Alibaba shares will be talked about as Tuesday marks Singles Day in China, which is that country's equivalent of major US shopping events like Black Friday and Cyber Monday. Alibaba said that in the first hour of Singles Day, the company sold $2 billion in merchandise. 

In early trade on Tuesday, Alibaba shares, which made a new all-time closing high on Monday, were down about 2%. 

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