US close: Markets take a dip as consumer confidence drops
Stocks on Wall Street finished in the red on Tuesday, despite a slightly more positive tone to news on the global trade front earlier in the session, as consumer confidence took an unexpected dip.
Dow Jones I.A.
38,675.68
04:30 15/10/20
Nasdaq 100
17,890.79
12:15 03/05/24
The Dow Jones Industrial Average was down 1.43% at 23,857.71, the S&P 500 lost 1.73% to 2,612.62, and the Nasdaq 100 ended the session down 3.32% at 6,529.84.
“Naturally, the prospect of a trade war between the world's largest economies has weighed heavily on risk appetite over the last couple of weeks with US equity markets posting significant losses on Thursday and Friday as things heated up,” said Craig Erlam, senior market analyst at Oanda.
“The message over the weekend though was far less confrontational and suggested the US would be open to scrapping the tariffs in exchange for certain other concessions such as reduced tariffs on important cars.”
Tuesday's economic schedule was rather sparse, although S&P reported that its 20-city home price index advanced at a 0.8% month-on-month clip in January, ahead of consensus forecasts for 0.6%, with a year-on-year rate of advance of 6.4%, also ahead of consensus, which was 6.1%.
Separately, consumer confidence in the US deteriorated unexpectedly throughout March, the Conference Board institute said on Tuesday.
It dipped to 127.7 from a downwardly-revised 130.0 in February, surprising economists who had expected the index to expand to 131.0 from the original 130.8 figure.
"Consumer confidence declined moderately in March after reaching an 18-year high in February," said Lynn Franco, the Conference Board's director of economic indicators.
On the corporate front, Linux provider Red Hat was reversed some earlier gains to finish up 0.87%, following the release of the company's stronger-than-expected fourth quarter figures overnight.
McCormick also pleased investors, posting first quarter earnings per share of $1, ahead of a consensus $0.90, as management also guided towards full-year EPS in a range of between $4.85 and $4.95.
Its stock was ahead 0.36%.
Lam Research was also in the spotlight, losing 5.74% after analysts at Mizuho initiated coverage of the semiconductor equipment manufacturer at 'buy'.
Dow Jones - Risers
General Electric Co. (GE) $13.44 4.27%
Procter & Gamble Co. (PG) $77.79 1.81%
Verizon Communications Inc. (VZ) $47.31 0.51%
Coca-Cola Co. (KO) $42.89 0.47%
Nike Inc. (NKE) $66.17 0.41%
Pfizer Inc. (PFE) $35.01 -0.09%
Johnson & Johnson (JNJ) $127.20 -0.14%
McDonald's Corp. (MCD) $157.48 -0.34%
Exxon Mobil Corp. (XOM) $73.70 -0.41%
Unitedhealth Group Inc. (UNH) $217.92 -0.51%
Dow Jones - Fallers
Microsoft Corp. (MSFT) $89.47 -4.60%
Cisco Systems Inc. (CSCO) $42.68 -3.13%
Goldman Sachs Group Inc. (GS) $247.26 -2.99%
Visa Inc. (V) $117.43 -2.69%
Apple Inc. (AAPL) $168.34 -2.56%
Intel Corp. (INTC) $51.19 -2.46%
Boeing Co. (BA) $321.12 -2.39%
3M Co. (MMM) $215.96 -1.98%
JP Morgan Chase & Co. (JPM) $108.17 -1.94%
Walmart Inc. (WMT) $86.04 -1.66%
S&P 500 - Risers
General Electric Co. (GE) $13.44 4.27%
PG&E Corp. (PCG) $43.94 2.50%
Welltower Inc (WELL) $53.28 2.19%
HCP Inc. (HCP) $22.79 2.15%
Viacom Inc. Class B (VIAB) $30.73 2.13%
CMS Energy Corp. (CMS) $44.75 2.12%
Iron Mountain Inc (New) (IRM) $31.89 2.01%
Wisconsin Energy Corp. (WEC) $62.30 1.88%
Altria Group Inc. (MO) $60.72 1.88%
Ameren Corp. (AEE) $55.88 1.88%
S&P 500 - Fallers
Nvidia Corp. (NVDA) $225.52 -7.76%
Adobe Systems Inc. (ADBE) $213.80 -6.60%
Netflix Inc. (NFLX) $300.69 -6.14%
Lam Research Corp. (LRCX) $202.62 -5.74%
Micron Technology Inc. (MU) $52.40 -5.69%
Chesapeake Energy Corp. (CHK) $2.95 -5.45%
Range Resources Corp. (RRC) $14.30 -5.42%
Activision Blizzard Inc. (ATVI) $66.29 -5.41%
GGP Inc (GGP) $20.08 -5.28%
Applied Materials Inc. (AMAT) $55.44 -5.18%
Nasdaq 100 - Risers
Dish Network Corp. (DISH) $37.25 0.43%
Wynn Resorts Ltd. (WYNN) $177.73 0.41%
Shire Plc Ads (SHPG) $128.87 0.26%
Hologic Inc. (HOLX) $37.63 -0.11%
Cerner Corp. (CERN) $57.65 -0.21%
Mercadolibre Inc. (MELI) $352.21 -0.34%
Regeneron Pharmaceuticals Inc. (REGN) $329.24 -0.44%
Ross Stores Inc. (ROST) $76.92 -0.52%
Starbucks Corp. (SBUX) $57.46 -0.59%
Charter Communications Inc. (CHTR) $310.22 -0.63%
Nasdaq 100 - Fallers
Tesla Inc (TSLA) $279.18 -8.22%
Nvidia Corp. (NVDA) $225.52 -7.76%
Adobe Systems Inc. (ADBE) $213.80 -6.60%
Netflix Inc. (NFLX) $300.69 -6.14%
Lam Research Corp. (LRCX) $202.62 -5.74%
Micron Technology Inc. (MU) $52.40 -5.69%
NetEase Inc. Ads (NTES) $280.76 -5.59%
Activision Blizzard Inc. (ATVI) $66.29 -5.41%
Applied Materials Inc. (AMAT) $55.44 -5.18%
Electronic Arts Inc. (EA) $119.98 -5.11%