Wall Street falls as cheaper yuan hits commodities

U.S. stocks fell in early trading on Tuesday in a broad-based retreat as China’s surprise devaluation of the yuan pushed the dollar higher and pressured commodity-related shares. Oil erased most of its gains from Monday following the devaluation by the world’s top energy consumer. Other commodities such as copper, aluminum, nickel and zinc also fell. […]

U.S. stocks fell in early trading on Tuesday in a broad-based retreat as China’s surprise devaluation of the yuan pushed the dollar higher and pressured commodity-related shares.
Oil erased most of its gains from Monday following the devaluation by the world’s top energy consumer. Other commodities such as copper, aluminum, nickel and zinc also fell.
Eight of the 10 major S&P sectors were down, with the energy index .SPNY and the materials index .SPLRCM both lower by nearly 2 percent.
Exxon Mobil’s (XOM.N) 1.8 percent drop was the biggest drag on the energy index and Freeport-McMoRan’s (FCX.N) 12.5 percent slump dragged on the materials index.
Concerns around the health of the second-largest economy in the world also weighed on shares of U.S. automakers and industrials .SPLRCI. General Motors (GM.N) was down nearly 3 percent, while Caterpillar (CAT.N) was down 2.4 percent.
The yuan fell to its lowest against the dollar in almost three years following what the country’s central bank described as a “one-off depreciation”.