Stocks slammed as Dow tumbles 809 points, Nasdaq 3.9%
Case-Shiller's Housing Index rose a record 20.2% in February
Time for investors to shift focus from 'macro to micro': Expert
National Securities Corporation chief market strategist Art Hogan predicts Tuesday's earnings rally to be a positive shift for investors.
U.S. stocks closed at the lows of the session on Tuesday as technology stocks paced the broad declines with the Nasdaq Composite off 3.9%. Inflation fears, slowing economic growth and a Federal Reserve prepared to raise interest rates creating the perfect storm for investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 48844.26 | -227.30 | -0.46% |
| SP500 | S&P 500 | 6925.73 | -43.28 | -0.62% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23412.708928 | -272.41 | -1.15% |
The Dow Jones Industrial Average lost 809 points or 2.4%, while the S&P fell 2.8%.
The selling comes ahead of Microsoft and Google earnings due after the bell.
S&P 500 ABOUT TO FALL SHARPLY AS IT TEETERS ON BRINK OF BEAR MARKET, MORGAN STANLEY SAYS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 428.29 | -5.21 | -1.20% |
| GOOGL | ALPHABET INC. | 338.25 | +2.24 | +0.67% |
| AMZN | AMAZON.COM INC. | 239.94 | -1.79 | -0.74% |
| AAPL | APPLE INC. | 260.38 | +2.10 | +0.81% |
Later in the week, investors will hear from Amazon and Apple.
WORLD IN EARLY STAGES OF ‘VERY SIGNIFICANT’ RECESSION: ECONOMIST NANCY LAZAR
In other earnings news, Pepsi joined Coca-Cola in reporting better than expected results. The soda and snack maker also lifted its revenue outlook for the year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 148.69 | +0.19 | +0.13% |
| KO | THE COCA-COLA CO. | 74.77 | +1.33 | +1.81% |
General Electric shares fell after revenue fell short of the company's expectations tied to supply-chain issues and Russia-Ukraine headwinds.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GE | GE AEROSPACE | 306.10 | +7.40 | +2.48% |
Twitter remains in focus as investors handicap what the new, privately held company will look like under the direction of Elon Musk.
TWITTER ACCEPTS MUSK'S $44 BILLION DEAL
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
U.S. stocks were choppy early Tuesday morning as first-quarter earnings season kicks into high gear. (Courtney Crow/New York Stock Exchange via AP)
NETFLIX SUBSCRIBER LOSSES PROMPT ANIMATED PROJECT CANCELLATIONS: REPORT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 79.60 | +0.45 | +0.57% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 32.95 | +0.15 | +0.46% |
In commodities, oil rebounded, with U.S. crude rising to the $101.70 per barrel level, while Brent, the global benchmark, hit $104.99
In cryptocurrencies, Bitcoin fell below the $40,000 level.
CLICK HERE TO READ MORE ON FOX BUSINESS
The Associated Press contributed to this report.