Dow Jones, S&P 500 snap 5-day streaks of record highs
Retail sales dipped 1.1% in July
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U.S. stock indexes fell Tuesday as investors digested earnings from big retailers and a disappointing retail sales number.
The Dow Jones Industrial Average fell over 282 points, or 0.79%, while the S&P 500 and the Nasdaq Composite declined 0.7% and 0.93%, respectively. Both the Dow and the S&P 500 ended their five-day streaks of closing at record highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
Investors got a look into the health of the consumer with retail sales declining 1.1% in July, worse than the 0.3% drop that was expected. The slowdown came amid a resurgence in COVID-19 infections.
In stocks, Dow component Walmart reported earnings and revenue that exceeded Wall Street estimates as back-to-school shopping provided a lift. The big-box retailer forecast full-year and current-quarter profit ahead of what analysts were expecting.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 90.44 | +2.04 | +2.31% |
| HD | THE HOME DEPOT INC. | 420.00 | +9.62 | +2.35% |
Fellow Dow member Home Depot Inc. beat on both the top and bottom lines, but same-store sales grew by the smallest amount in two years as the do-it-yourself trend diminished amid a reopening of the economy.
Target Corp. and Lowe’s Companies Inc. are among the companies scheduled to release their quarterly results Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 125.01 | +3.42 | +2.81% |
| LOW | LOWE'S COMPANIES INC. | 264.68 | -0.54 | -0.20% |
Elsewhere, financial firms, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., were lower as buying across the Treasury complex pushed the 10-year yield down four basis points to 1.23% while flattening the yield curve.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
| BAC | BANK OF AMERICA CORP. | 46.99 | +0.55 | +1.17% |
| C | CITIGROUP INC. | 69.82 | +0.88 | +1.28% |
In commodities, West Texas Intermediate crude oil slid 70 cents to $66.59 a barrel and gold sank $1.90 to $1,785 an ounce.
Overseas markets were mostly lower.
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European bourses were mixed with Germany’s DAX 30 and France’s CAC 40 losing 0.02% and 0.28%, respectively, while Britain’s FTSE 100 ticked up 0.38%.
In Asia, Japan’s Nikkei 225 slipped 0.36%, Hong Kong’s Hang Seng index lost 1.66% and China’s Shanghai Composite tumbled 2%.