Stocks pared losses to trade mixed on Tuesday ahead of Fed Chairman Jay Powell’s semi-annual testimony to Congress.
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Home Depot’s 4Q results missed on profit, revenue and same store sales, plus the company gave a profit estimate for 2019 that fell short.
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Shares of Home Depot fell percent after the company issued a disappointing full-year earnings forecast and missed quarterly estimates for same-store sales.
Caterpillar shares took a hit after brokerage UBS double downgraded the company’s shares to “sell.”
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| HD | THE HOME DEPOT INC. | 186.18 | -3.80 | -2.00% |
| LOW | LOWE’S COMPANIES INC. | 104.25 | -0.76 | -0.72% |
| CAT | CATERPILLAR INC. | 138.18 | -3.23 | -2.28% |
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Federal Reserve Chairman Powell begins the first of his two-day semi-annual testimony to both houses of Congress on the central bank’s monetary policy. In its semi-annual monetary policy report to Congress, the Fed reiterated it will remain patient in determining further adjustments to interest rates given uncertainty about the economic outlook.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25983.13 | -108.82 | -0.42% |
| SP500 | S&P 500 | 2797.72 | +1.61 | +0.06% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7556.8108 | +2.35 | +0.03% |
In economic news, The Conference Board on Tuesday said its index of U.S. consumer confidence rose to 131.4 in February from 121.7 in January.
The S&P CoreLogic Case-Shiller report on home prices for December showed that the rate of home price increases across the U.S. has continued to slow. The 20-City Composite posted a 4.2 percent year-over-year gain, down from 4.6 percent in the previous month.
Housing starts dropped 11.2 percent to a seasonally adjusted annual rate of 1.078 million units last month, the weakest reading since September 2016.
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In Asian markets on Tuesday, China’s Shanghai Composite ended the day flat, Hong Kong’s Hang Seng slipped by 0.4 percent as did Japan’s Nikkei.
In Europe, London’s FTSE fell 0.5 percent, Germany’s DAX added 0.1 percent and France’s CAC gave up 0.1 percent.
