Stocks end Tuesday as tech stocks fall
Stocks ended lower on Tuesday and tech stocks fell as investors bet on the US economy to reopen.
The Dow Jones Industrial Average ended down 267 points, or 0.78%, at 34,060, the S&P 500 fell 0.85% and the Nasdaq fell 0.56%.
The Dow Jones has lost 200 points in the last 20 minutes of regular trading.
Walmart (WMT) – Get a report posted stronger-than-expected first-quarter profits and improved its full-year profit forecast after same-store sales at the world’s largest retailer blasted past forecasts.
Walmart’s comparable store sales rose 6%, while e-commerce sales jumped 37%.
The title ended up 2.2% on Tuesday.
Home Depot (High Definition) – Get a report reported better-than-expected profits and sales in the first quarter amid what the nation’s No. 1 home improvement retailer said was “unprecedented demand” for domestic projects.
Home Depot’s same-store sales increased 31.1% in the quarter, while comparable store sales in the United States jumped 29.9%.
The stock, however, fell 1% on Tuesday.
Jim Cramer’s take on Walmart and Home Depot after the revenue reports
Stocks ended modestly lower on Monday as Wall Street came out of a tough week amid concerns about the effect higher inflation would have on the US recovery.
Stocks have been volatile as investors weighed a recovery in the economy against mounting inflationary pressures.
Wall Street is increasingly concerned that the Federal Reserve will withdraw support for the economy if it is too hot and inflation persists.
The Federal Reserve has remained firm in its belief that a rise in inflation will only be temporary. Investors will follow Wednesday’s release of the minutes from the last Fed meeting for any discussion of accelerating price pressures.
Bitcoin continued its decline on Tuesday after the People’s Bank of China issued a warning on the use of virtual currencies in the world’s second-largest economy.
US oil prices stabilized 1% at $ 65.58 a barrel after a BBC report said progress was being made in nuclear talks between the US and Iran .