The Dow Jones Industrial Average closed at 32,825.95 on Tuesday with a loss of 127.51 points or -0.39%. The S&P 500 closed at 3,962.71 for a loss of 6.23 points or -0.16%. The Nasdaq Composite closed at 13,471.57 for a gain of 11.86 points or 0.09%. The VIX Volatility Index was lower at 19.79 for a loss of 0.24 points or points or -1.20%.
Tuesday's market movers
U.S. stocks ended their stimulus rally, closing mostly lower Tuesday. The Nasdaq did manage a 0.09% gain with semiconductors leading technology for the day. Retail sales decreased by 3% in a rough February that saw challenging weather conditions in both the Northeast and the Southern Midwest.
- Retail Sales decreased 3% in February following an increase of 7.6%.
- Year over year, retail sales increased 6.3%, down from the previous 9.5% increase.
- Retail sales excluding autos decreased 2.7% in February following an increase of 8.3%.
Investors also traded cautiously, awaiting comments from the Federal Open Market Committee, which began its March two-day policy meeting on Tuesday. Most economists have upped their gross domestic product and inflation targets following the passing of the American Rescue Plan. This month's FOMC meeting will include a new summary of economic projections, giving the Fed the opportunity to publicly disclose their insights only a few days after the American Rescue Plan was initiated.
In other news:
- Export and import prices were released. Export prices increased 1.6% in February and 5.2% year over year. Import prices increased 1.3%in February and 3% year over year.
- The Federal Reserve released its Industrial Production and Capacity report. Industrial production decreased 2.2% in February following an increase of 1.1%. Year over year, industrial production decreased 4.2%. February capacity utilization decreased to 73.8% from 75.5%.
- The NAHB Housing Market Index decreased to 82 in March from 84.
- Business inventories increased 0.3% in January following an increase of 0.8%.
- The Treasury held auctions for 42-day bills at a rate of 0.015% and 20-year bonds at a rate of 2.290%.
Across the board:
- Energy Select Sector SPDR Fund (XLE, Financial) down 2.85% with a drop in oil prices.
- Advanced Micro Devices (AMD, Financial) up 0.30% with new mobile chips for enterprise notebook computers.
- AstraZeneca (AZN, Financial) up 2.62%. Its vaccine is on watch for side effects though the European Union has further endorsed its use.
- Moderna (MRNA, Financial) up 8.60%.
- Microsoft (MSFT, Financial) up 1.24% on Marsden Group acquisition announcement.
- Tilray (TLRY, Financial) down 11.47%.
- Global X Cannabis ETF (POTX, Financial) down 5.34%.
- Lending Club (LC, Financial) up 4.80%.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,319.52 for a loss of 40.65 points or -1.72%. The S&P 600 closed at 1,373.56 for a loss of 23.14 points or -1.66%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,262.97 for a loss of 250.24 points or -1.61%. The Dow Jones U.S. Small-Cap Value Index closed at 11,267.01 for a loss of 188.75 points or -1.65%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,647.10 for a loss of 35.51 points or -1.32%; the S&P 100 at 1,797.39 for a gain of 2.33 points or 0.13%; the Nasdaq 100 at 13,152.28 for a gain of 69.74 points or 0.53%; the Russell 3000 at 2,392.11 for a loss of 8.79 points or -0.37%; the Russell 1000 at 2,240.17 for a loss of 5.85 points or -0.26%; the Wilshire 5000 at 41,764.87 for a loss of 146.97 points or -0.35%; and the Dow Jones U.S. Select Dividend Index at 811.14 for a loss of 8.98 points or -1.09%.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
