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 | 30824.95 | -142.87 | -0.46% |
| SP500 | S&P 500 | 3818.19 | -13.20 | -0.34% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11293.615334 | -28.62 | -0.25% |
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. | 262.85 | +3.27 | +1.26% |
| GOOGL | ALPHABET INC. | 2,265.26 | +90.51 | +4.16% |
| AMZN | AMAZON.COM INC. | 113.50 | +3.94 | +3.60% |
| AAPL | APPLE INC. | 141.56 | +2.63 | +1.89% |
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. | 169.01 | -0.38 | -0.22% |
| KO | THE COCA-COLA CO. | 63.28 | -1.10 | -1.71% |
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 | GENERAL ELECTRIC CO. | 62.03 | -1.51 | -2.38% |
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 | TWITTER INC. | 38.38 | +0.15 | +0.39% |
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 L.P. | 74.78 | -6.89 | -8.44% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 30.82 | -2.52 | -7.56% |
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.