The Dow Jones Industrial Average lost its early gains by the end of Tuesday’s trading session. Other major indexes also saw declines on the stock market today.
Stocks in the Dow were down 0.2% when the market closed. The S&P 500 fell by 0.6% while the Nasdaq tumbled 0.9% as technology stocks faced selling pressure. Among the S&P 500 sectors, technology and consumer discretionary were the worst performers, while consumer staples held up well.
Both the New York Stock Exchange and Nasdaq saw higher trading volume, with decliners outpacing advancers on both exchanges. The Russell 2000 and Innovator IBD 50 also experienced losses on Tuesday.
The yield on the 10-year Treasury note fell to 4.27%. Investors are eagerly awaiting the release of the Federal Reserve’s meeting minutes on Wednesday for insights on potential rate cuts this year.
On the Dow, retail earnings from Home Depot and Walmart impacted the market. Home Depot’s sales and earnings beat expectations but a cautious outlook for the next quarter initially weighed on shares before rebounding. Walmart outperformed Wall Street’s estimates and announced plans to acquire Vizio for $2.3 billion. Walmart’s stock reached an all-time high.
In the tech sector, Intel rose more than 2% after receiving a government subsidy to support U.S. chipmakers. Nvidia closed 4.4% lower ahead of its earnings report on Wednesday.
In deal news, Capital One is acquiring Discover Financial Services for $35.3 billion. Capital One shares fell slightly, while Discover saw a 13% increase in its stock price.
Property and casualty insurance provider Skyward Specialty broke out from a cup without handle pattern, with fourth-quarter results pending. Super Micro Computer and GigaCloud Technology both experienced losses. Visa and Mastercard stocks fell during trading.
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