U.S. stocks plunged Tuesday, with the Dow Jones Industrial Average dropping more than 500 points as big retailers, the tech sector and some industrial shares hammered market indexes, all three of which are now negative for the year with annual declines around 2 percent. The S&P 500 has also entered a correction, down 10 percent from its recent high.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24537.84 | -479.60 | -1.92% |
| SP500 | S&P 500 | 2654.81 | -35.92 | -1.33% |
| I:COMP | NASDAQ COMPOSITE INDEX | 6941.5787 | -86.90 | -1.24% |
Shares of Apple are officially sitting in a bear market as investors worry about some weakness in iPhone sales, that pressured the broader tech sector. Amazon, Microsoft and Twitter also weighed joined the retreat.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| AAPL | APPLE INC. | 179.69 | -6.17 | -3.32% |
| AMZN | AMAZON.COM INC. | 1,509.56 | -2.73 | -0.18% |
| MSFT | MICROSOFT CORP. | 102.13 | -2.49 | -2.38% |
| TWTR | TWITTER INC. | 31.33 | -0.65 | -2.03% |
Additionally, disappointing same-store sales weighed on shares of retailers, including Kohl’s, Lowe’s, TJX Companies, Ross Stores and Best Buy. Shares of Target plunged more than 10 percent after its third-quarter earnings and same-store sales missed estimates. Sales at Target stores open at least a year rose 5.1 percent, short of analysts’ estimates of a 5.21 percent increase, according to IBES data from Refinitiv.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| KSS | KOHL’S CORP. | 64.93 | -6.07 | -8.55% |
| TGT | TARGET CORP. | 69.73 | -7.42 | -9.62% |
| BBBY | BED BATH & BEYOND INC. | 12.36 | -0.14 | -1.12% |
| LOW | LOWE’S COMPANIES INC. | 87.72 | -3.63 | -3.98% |
| ROST | ROSS STORES INC. | 85.82 | -5.37 | -5.89% |
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Several retailers will report results after the closing bell, including Gap and Foot Locker.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| CLF19 | Crude Oil | 54.36 | -2.84 | -4.96% |
Crude oil prices followed stocks down, with U.S. crude prices hitting the $54 per barrel level. And bitcoin is also tumbling.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| NYXBT | n.a. | n.a. | n.a. | n.a. |
Economic news was mixed: Housing starts in October fell for the second straight month, but building permits rose from the previous month and beat analyst expectations.
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The selling was underway globally as well.
Japan’s Nikkei fell to a three-week low on Tuesday as a drop in Nasdaq shares dragged down Japanese tech names, while Nissan Motor tumbled on news of Chairman Carlos Ghosn’s arrest and dismissal.
The Nikkei average ended 1.1 percent lower. China’s Shanghai Composite retreated 1 percent. Hong Kong’s Hang Seng dropped 2 percent.
In Europe, London’s FTSE traded down 0.1 percent, Germany’s DAX traded 0.7 percent lower and France’s CAC fell 0.7 percent.
On Monday, U.S. stocks spiraled lower with U.S. tech companies, including Facebook and Apple, pacing the declines. The Nasdaq Composite fell 3 percent or 219.40 points. While the Dow Jones Industrial Average lost over 395.78 points or 1.5 percent, trimming what was a 500 point midday loss. While the broader S&P 500 lost 45.54 points or 1.6 percent.
Apple shares flirted with a bear market, closing just a few cents shy of a confirmation, which is $185.65. The stock has been under pressure since hitting a record $232.07 per share in early October. Reports that iPhone production is being dialed back weighed on the world’s most valuable company. Other tech giants including Facebook, Google, Amazon and Twitter also dipped.
On the economic front, investors got spooked after U.S. homebuilder sentiment hit the lowest level in two years, according to the National Association of Home Builders. The association said its index of builder confidence dropped 8 points to 60, missing analyst expectations for the key metric.
FOX Business’ Ken Martin contributed to this report.
