U.S. market indexes were lower on Tuesday. The Dow Jones Industrial Average closed at 25,410.03 for a loss of -299.24 points or -1.16%. The S&P 500 closed at 2,744.28 for a loss of -35.32 points or -1.27%. The Nasdaq Composite closed at 7,330.35 for a loss of -91.11 points or -1.23%. The VIX Volatility Index was higher at 18.92 for a gain of 3.12 points or 19.75%.
Tuesday’s market movers
U.S. market indexes reported substantial losses Tuesday with Jerome Powell’s first congressional address as Federal Reserve chairman, causing further concerns over increasing interest rates. The 10-year Treasury yield increased to 2.90% Tuesday. In the S&P 500, all sectors were lower. Real estate, consumer discretionary and utilities led losses for the day.
Economic reports affecting market trading included the following:
- Durable goods orders decreased -3.7% for the month and reported an increase of 6.8% for the year.
- International trade in goods reported a deficit of -$74.4 billion.
- Retail inventories reported a 0.8% monthly increase.
- Wholesale inventories reported a 0.7% monthly increase.
- The S&P Corelogic Case-Shiller Home Price Index reported a monthly increase of 0.6% and an annual increase of 6.3%.
- The FHFA House Price Index reported a monthly increase of 0.3% and an annual increase of 6.5%.
- The Conference Board’s Consumer Confidence Index increased to 130.8 from 124.3.
In the Dow Jones Industrial Average, the following stocks led losses:
- Disney (DIS, Financial) -4.49%
- Merck (MRK, Financial) -2.41%
- Nike (NKE, Financial) -2.30%
- American Express (AXP, Financial) -2.02%
Small-cap stocks
In small-caps, the Russell 2000 closed at 1,536.60 for a loss of -22.73 points or -1.46%. The S&P 600 closed at 937.83 for a loss of -14.93 points or -1.57%. The Dow Jones Small-Cap Growth TSM Index closed at 9,554.75 for a loss of -136.40 points or -1.41%. The Dow Jones Small-Cap Value TSM Index closed at 9,910.87 for a loss of -165.67 points or -1.64%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,887.27 for a loss of -27.66 points or -1.44%; the S&P 100 at 1,216.34 for a loss of -16.15 points or -1.31%; the Russell 3000 at 1,618.10 for a loss of -21.08 points or -1.29%; the Russell 1000 at 1,517.51 for a loss of -19.55 points or -1.27%; and the Dow Jones U.S. Select Dividend Index at 694.92 for a loss of -9.49 points or -1.35%.
