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The stock market was firmly in the red on Tuesday afternoon, with major stock indexes falling more than 1%. A drop of nearly 5% for Home deposit (HD) weighed on the Dow Jones Industrial Average, while Lululemon Athletica (LULU), Nvidia (NVDA) and You’re here (TSLA) took hits in the Nasdaq 100. Nvidia reports its results Wednesday after the close.
X
Geopolitical tensions in Afghanistan weighed on sentiment. The same goes for a weaker-than-expected reading of July retail sales, which fell 1.1% against expectations of a 0.2% drop. Excluding automobiles, sales fell 0.4% against + 0.2% consensus. Separately, industrial production rose 0.9%, more than double the consensus estimate of 0.4%.
The 10-year Treasury yield was broadly stable around 1.25% after falling 7 basis points on Friday and another 4 basis points on Monday.
Dow Jones today
Dow Jones Industrials lost 1.2%. Besides Home Depot, Boeing (BA), Dow Inc. (DOW) and caterpillar (CAT) were notably lagging behind.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 35185.82 | -439.58 | -1.23 |
| S&P 500 | (0S & P5) | 4426.51 | -53.20 | -1.19 |
| Nasdaq | (0NDQC) | 14587.66 | -206.10 | -1.39 |
| Russel 2000 | (IWM) | 215.23 | -3.84 | -1.75 |
| MICI 50 | (FFTY) | 44.58 | -0.65 | -1.44 |
Last Updated: 1:18 PM ET 8/17/2021 |
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UnitedHealth Group (UNH) reversed the trend, up 1%. The managed care company is nearing a breakthrough to new heights.
Walmart (WMT) was mostly flat. E-commerce sales slowed for the second consecutive quarter, up 6%. This is down from growth of 37% in the first quarter and 69% in the fourth quarter. Instead, investors appeared to be focused on better than expected earnings, sales and same-store sales growth.
The S&P 500 fell 1.2% and the Nasdaq composite fell 1.4%. Volume on the NYSE and Nasdaq was slightly above Monday’s levels.
Major stock indexes closed bullish after lows on Monday, although the breadth was still low in the Nasdaq, with declining stocks outperforming the winners by more than 2 to 1. The breadth was again low on Tuesday, the declines in the Nasdaq outnumbering advances by 4 to 1.
Stock market movers
Several leading growth stocks have come under selling pressure in recent days, increasing the likelihood of a market pullback. The Innovator IBD 50 ETF (FFTY) was down 2%, dragged down by sharp declines for Celsius (CELH), AutoNation (AN) and Crox (CROX).
The positives of the IBD 50 index of major growth stocks was a new issue Global-E online (GLBE), which jumped 7% on profits.
Little-known technology services firm Poached (TASK) hit an all-time high after a breakthrough from an IPO base. Shares jumped 6%.
Inside the MarketSmith Growth 250, new issue Monday.com (MNDY) was another big winner, up 19% to an all-time high. The company is not yet profitable, but second quarter revenue growth accelerated from the first quarter, up 94% to $ 70.6 million.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and outlook.
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