The Dow Jones Industrial Average fell over 282 points, or 0.79%, while the S&P 500 and the Nasdaq Composite declined 0.7% and 0.93%, respectively. Both the Dow and the S&P 500 ended their five-day streaks of closing at record highs.
|I:DJI||DOW JONES AVERAGES||30967.82||-129.44||-0.42%|
|I:COMP||NASDAQ COMPOSITE INDEX||11322.237524||+194.39||+1.75%|
Investors got a look into the health of the consumer with retail sales declining 1.1% in July, worse than the 0.3% drop that was expected. The slowdown came amid a resurgence in COVID-19 infections.
In stocks, Dow component Walmart reported earnings and revenue that exceeded Wall Street estimates as back-to-school shopping provided a lift. The big-box retailer forecast full-year and current-quarter profit ahead of what analysts were expecting.
|HD||THE HOME DEPOT INC.||283.73||+4.65||+1.67%|
Fellow Dow member Home Depot Inc. beat on both the top and bottom lines, but same-store sales grew by the smallest amount in two years as the do-it-yourself trend diminished amid a reopening of the economy.
Target Corp. and Lowe’s Companies Inc. are among the companies scheduled to release their quarterly results Wednesday.
|LOW||LOWE'S COS. INC.||179.88||+2.52||+1.42%|
Elsewhere, financial firms, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., were lower as buying across the Treasury complex pushed the 10-year yield down four basis points to 1.23% while flattening the yield curve.
|JPM||JPMORGAN CHASE & CO.||112.62||-1.43||-1.25%|
|BAC||BANK OF AMERICA CORP.||31.24||-0.32||-1.01%|
In commodities, West Texas Intermediate crude oil slid 70 cents to $66.59 a barrel and gold sank $1.90 to $1,785 an ounce.
Overseas markets were mostly lower.
European bourses were mixed with Germany’s DAX 30 and France’s CAC 40 losing 0.02% and 0.28%, respectively, while Britain’s FTSE 100 ticked up 0.38%.
In Asia, Japan’s Nikkei 225 slipped 0.36%, Hong Kong’s Hang Seng index lost 1.66% and China’s Shanghai Composite tumbled 2%.