The Dow Jones Industrial Average closed at 32,423.15 on Tuesday with a loss of 308.05 points or -0.94%. The S&P 500 closed at 3,910.52 for a loss of 30.07 points or -0.76%. The Nasdaq Composite closed at 13,227.70 for a loss of 149.85 points or-1.12%. The VIX Volatility Index was higher at 20.30 for a gain of 1.42 points or 7.52%
Tuesday's Market Movers
U.S. stocks closed lower Tuesday and the major indexes all reported losses. Federal Reserve Chairman Powell and new Treasury Secretary Yellen were a top headline for the day. Powell and Yellen discussed response efforts to the Coronavirus pandemic before congressional officials. Powell said he is not expecting recently passed stimulus legislations to cause a large increase in inflation. President Biden also says he is working on more stimulus efforts, including a $3 trillion infrastructure plan. March 23 marks one year from a major pandemic-induced stock market low.
In other news:
- The current trade balance report for the fourth quarter showed a deficit of -$188.5 billion following a deficit of -$180.9 billion.
- New home sales decreased -18.2% in February following an increase of 3.2%. On a seasonally adjusted annual basis, new home sales decreased to 0.775 million from 0.948 million.
- The Richmond Fed Manufacturing Index increased to 17 in March from 14.
- The Treasury held auctions for 52-week bills at a rate of 0.070%, 42-day bills at a rate of 0.010% and 2-year notes at a rate of 0.152%.
Across the board:
- Power Solutions International (PSIX, Financial) +23.13%
- AstraZeneca (AZN, Financial) -3.52% on trial data concerns.
- S&P 500 Energy Select Sector SPDR Fund (XLE, Financial) -1.46% on falling crude oil prices and pandemic concerns in Germany.
- Intel (INTC, Financial) -3.28% on report that chief executive officer has a $20 billion investment plan
- GameStop (GME, Financial) -6.55%. Q4 revenue of $2.12 billion decreased -3.2% year over year and missed estimates by $110 million. GAAP EPS of $1.18 missed estimates by $0.29 and non-GAAP EPS of $1.34 missed estimates by $0.08.
- Pfizer (PFE, Financial) -1.76%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,185.69 for a loss of 81.16 points or -3.58%. The S&P 600 closed at 1,289.25 for a loss of 46.57 points or -3.49%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,503.06 for a loss of 487.52 points or -3.25%. The Dow Jones U.S. Small-Cap Value Index closed at 10,593.37 for a loss of 388.88 points or -3.54%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,530.91 for a loss of 67.86 points or -2.61%; the S&P 100 at 1,779.83 for a loss of 8.23 points or -0.46%; the Nasdaq 100 at 13,017.79 for a loss of 68.72 points or -0.53%; the Russell 3000 at 2,347.98 for a loss of 25.43 points or -1.07%; the Russell 1000 at 2,205.71 for a loss of 19.56 points or -0.88%; the Wilshire 5000 at 41,002.55 for a loss of 443.07 points or -1.07%; and the Dow Jones US Select Dividend Index at 794.93 for a loss of 11.45 points or -1.42%.
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