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The US stocks slipped on Tuesday as weak data on home prices and consumer confidence subdued the mood. Report on home prices showed a drop in December, with the longer trend implying a downturn in price recovery. The US consumer confidence index plunged by more than foreseen, showing lower expectations on the economy.
The S&P 500 index finished 2.49 points or 0.1%, lower at 1,845.12, after briefly topping the past closing high. In the entire session, the gauge attempted to lift through a main technical level, prodding additional selling pressure in the afternoon.
The Dow Jones Industrial Average concluded the session 27.48 points or 0.2%, lower at 16,179.66. The Nasdaq Composite sank 5.38 points or 0.1%, to 4,287.59. The progress of US home price growth slowed down at the end of 2013, but this year saw the fastest calendar year price growth in eight years, based on the data released yesterday.
The US consumer confidence index also dived partially because Americans are less definite about the economy in the next six months, even though they regard the present environment as much better, the Conference Board noted on Tuesday.
Several retailers saw their shares escalate following its posting of estimate beating earnings results. Home Depot Inc. shares surged 4%, following it reported fiscal 4th quarter earnings that outmatched forecasts. The retailer also raised its dividend by 21%.
Macy’s Inc. shares gained 6.1% after the retailer’s 4th quarter profit surpassed estimates. Zulily Inc. shares moved 36% after beating earnings expectations. Tractor Supply Co. share profited 3.6% after it said it has hyped its stock buyback program by $1 billion in an aim to raise shareholder value.
Shares of electric car maker Tesla Motors Inc. leaped 14% to end at record high price of $248 on Tuesday, after analysts at Morgan Stanley elevated their price target to $320, denoting potential for the electric auto maker to interrupt industries outside its automotive niche such as batteries and autonomous vehicles.
Office Depot Inc. shares slipped 8.8% after its 4th quarter earnings loss broadened sharply on expenses associated with its latest merger with OfficeMax Inc. and other one-time items. RealPage Inc. shares tumbled 23% after its 4th quarter earnings and revenue went below its own postulations.
