S&P 500, Nasdaq drop as Home Depot leads retail earnings
U.S. stocks traded mixed on Tuesday as Home Depot (HD) kicked off this week's earnings reports from retail giants. Investors also kept an eye out for signs of tariff-induced stress, while Wall Street gauged the likelihood of interest rate cuts, News.Az reports citing foreign media.
The Dow Jones Industrial Average (^DJI) was just below the flat line, while the S&P 500 (^GSPC) fell about 0.6%. The tech-heavy Nasdaq Composite (^IXIC) declined over 1.4%, continuing a muted start to the week for the major gauges. A nearly 6% decline in Palantir (PLTR) and a more than 4% drop for AMD (AMD) led the losses in tech.
A steady march of earnings reports from retail giants began with Home Depot's (HD) second quarter results before the bell, slightly missing Wall Street's estimates. But shares of the company jumped as Tuesday's report marked its return to consistent same-store sales growth in the US amid signs that a prolonged slump in the US housing market is starting to thaw.
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