The Dow Jones Industrial Average was down 202.62 points, or 0.6%, at 33,886.65.while the S&P 500 was down 24.29 points, or 0.6%, at 4,111.84. The Nasdaq Composite, meanwhile, It was down 55.30 points, or 0.5%, at 11,904.85.
All 11 major sectors of the S&P 500 fell, with energy leading the decline with 2.1%, following weakness in oil prices.
A Commerce Department report showed retail sales rose 3% in January, driven by purchases of motor vehicles and other goods. Economists polled by Reuters estimated a rise of 1.8%.
“These (retail sales) numbers far exceed the consensus and just show that the consumer is still on a good footing,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “As a result of that, you see yields picking up and the dollar strengthening. Obviously if this trend continues, it just reinforces the notion that the Fed will continue to raise rates.”
The benchmark S&P 500 index came under pressure Tuesday after data showed that US consumer prices accelerated in January, fueling expectations that the Fed will raise the policy rate at least two more times this year to the 5-5.25% range.
Still, the index is up 7.7% year-to-date after losing 19.4% in 2022, as investors have bought into battered growth stocks, while a better-than-expected earnings season added to optimism.
US-listed shares of Taiwan Semiconductor Manufacturing Co (TSMC) sank 6.4%. after Berkshire Hathaway Inc de Warren Buffett has cut his stake in the chipmaker.
The shares of Airbnb and Tripadvisor advanced 12.2% and 2.1%, respectively.after they posted results that beat forecasts amid strong travel demand.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
