Stocks slammed as Dow tumbles 809 points, Nasdaq 3.9%
Case-Shiller's Housing Index rose a record 20.2% in February
Time for investors to shift focus from 'macro to micro': Expert
National Securities Corporation chief market strategist Art Hogan predicts Tuesday's earnings rally to be a positive shift for investors.
U.S. stocks closed at the lows of the session on Tuesday as technology stocks paced the broad declines with the Nasdaq Composite off 3.9%. Inflation fears, slowing economic growth and a Federal Reserve prepared to raise interest rates creating the perfect storm for investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 49634.99 | -428.47 | -0.86% |
| SP500 | S&P 500 | 7434.98 | -66.26 | -0.88% |
| I:COMP | NASDAQ COMPOSITE INDEX | 26341.318085 | -293.90 | -1.10% |
The Dow Jones Industrial Average lost 809 points or 2.4%, while the S&P fell 2.8%.
The selling comes ahead of Microsoft and Google earnings due after the bell.
S&P 500 ABOUT TO FALL SHARPLY AS IT TEETERS ON BRINK OF BEAR MARKET, MORGAN STANLEY SAYS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 409.43 | +4.22 | +1.04% |
| GOOGL | ALPHABET INC. | 401.07 | -1.55 | -0.38% |
| AMZN | AMAZON.COM INC. | 267.22 | -2.91 | -1.08% |
| AAPL | APPLE INC. | 298.21 | -0.66 | -0.22% |
Later in the week, investors will hear from Amazon and Apple.
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In other earnings news, Pepsi joined Coca-Cola in reporting better than expected results. The soda and snack maker also lifted its revenue outlook for the year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 148.67 | -0.60 | -0.40% |
| KO | THE COCA-COLA CO. | 80.45 | +0.19 | +0.24% |
General Electric shares fell after revenue fell short of the company's expectations tied to supply-chain issues and Russia-Ukraine headwinds.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GE | GE AEROSPACE | 291.54 | -3.17 | -1.08% |
Twitter remains in focus as investors handicap what the new, privately held company will look like under the direction of Elon Musk.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
U.S. stocks were choppy early Tuesday morning as first-quarter earnings season kicks into high gear. (Courtney Crow/New York Stock Exchange via AP)
NETFLIX SUBSCRIBER LOSSES PROMPT ANIMATED PROJECT CANCELLATIONS: REPORT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 143.00 | +0.96 | +0.68% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 56.21 | +0.36 | +0.64% |
In commodities, oil rebounded, with U.S. crude rising to the $101.70 per barrel level, while Brent, the global benchmark, hit $104.99
In cryptocurrencies, Bitcoin fell below the $40,000 level.
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The Associated Press contributed to this report.