The Dow Jones Industrial Average closed at 24,206.86 on Tuesday with a loss of 390.51 points or -1.59%. The S&P 500 closed at 2,922.94 for a loss of 30.97 points or -1.05%. The Nasdaq Composite closed at 9,185.10 for a loss of 49.72 points or -0.54%. The VIX Volatility Index was higher at 30.53 for a gain of 1.23 points or 4.20%.
Tuesday’s market movers
U.S. stocks ended lower Tuesday with a late drop leading into the closing bell. Shares of Moderna (MRNA, Financial) closed down 10.41% after a report questioned the company’s Covid-19 efforts.
Walmart reported better-than-expected results with a 9 cent non-GAAP earnings per share beat. Investors are watching retail reports this week. Earnings on the calendar Tuesday included:
- Kohl's (KSS, Financial): Revenue of $2.43 billion decreased 40.6% year over year and beat estimates by $280 million. A first-quarter GAAP loss of $3.50 per share missed estimates by $1.04 and a non-GAAP loss of $3.20 missed estimates by $1.44.
- Home Depot (HD, Financial): Revenue of $28.26 billion increased 7.1% year over year and beat estimates by $690 million. First-quarter GAAP earnings of $2.08 per share missed estimates by 18 cents.
- Walmart (WMT, Financial): Revenue of $134.62 billion increased 8.7% year over year and beat estimates by $3.71 billion. First-quarter GAAP earnings of $1.40 per share beat estimates by 33 cents and non-GAAP earnings of $1.18 beat estimates by 9 cents.
On Capital Hill, the Treasury Secretary and Federal Reserve Chair Jerome Powell both testified before Congress on the CARES Act. Both were optimistic about the Act’s affects. Also discussed was easing some of the spending terms for the Paycheck Protection Program.
Economic reports affecting market trading included the following:
- Building permits decreased 20.8% in April to a seasonally adjusted annual rate of 1.074 million.
- Housing starts decreased 30.2% in April to a seasonally adjusted annual rate of 0.891 million.
- The Treasury held auctions for 42-day bills at a rate of 0.105%, 119-day bills at a rate of 0.140% and 52-week bills at a rate of 0.160%.
In S&P 500, energy and financials led losses. Across the board, the following stocks led losses and gains:
- Advanced Micro Devices (AMD, Financial) +1.91%
- Facebook (FB, Financial) +1.81%
- Amazon (AMZN, Financial) +0.95%
- Costco (COST, Financial) +0.88%
- Nvidia (NVDA, Financial) +0.63%
- Intel (INTC, Financial) +0.62%
- Moderna (MRNA, Financial) -10.41%
- Wells Fargo (WFC, Financial) -5.59%
- Capital One (COF, Financial) -4.97%
- Expedia (EXPE) -3.55%
- Gilead (GILD) -3.24%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,314.28 for a loss of 19.41 points or -1.46%. The S&P 600 closed at 747.78 for a loss of 15.94 points or -2.09%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,100.53 for a loss of 132.85 points or -1.44%. The Dow Jones U.S. Small-Cap Value Index closed at 6,198.44 for a loss of 164.78 points or -2.59%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,652.63 for a loss of 21.43 points or -1.28%; the S&P 100 at 1,344.10 for a loss of 13.78 points or -1.01%; the Nasdaq 100 at 9,298.54 for a loss of 33.38 points or -0.36%; the Russell 3000 at 1,694.89 for a loss of 18.18 points or -1.06%; the Russell 1000 at 1,612.07 for a loss of 16.39 points or -1.01%; the Wilshire 5000 at 29,615.42 for a loss of 316.15 points or -1.06%; and the Dow Jones U.S. Select Dividend Index at 552.70 for a loss of 10.77 points or -1.91%.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
