The stock market was firmly in the red in afternoon trading Tuesday, with the major stock indexes down more than 1%. A nearly 5% decline for Home Depot (HD) weighed on the Dow Jones Industrial Average, while Lululemon Athletica (LULU), Nvidia (NVDA) and Tesla (TSLA) took hits in the Nasdaq 100. Nvidia reports earnings Wednesday after the close.
XGeopolitical tension in Afghanistan weighed on sentiment. So did a weaker than expected reading in July retail sales, which fell 1.1% vs expectations for 0.2% decline. Excluding autos, sales fell 0.4% vs. the +0.2% consensus. Separately, industrial production rose 0.9%, more than double the consensus estimate of 0.4%.
The 10-year Treasury yield was mostly flat around 1.25% after falling 7 basis points on Friday and another 4 basis points on Monday.
Dow Jones Today
The Dow Jones industrials were down 1.2%. Besides Home Depot, Boeing (BA), Dow Inc. (DOW) and Caterpillar (CAT) were notably laggards.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35185.82 | -439.58 | -1.23 |
| S&P 500 | (0S&P5) | 4426.51 | -53.20 | -1.19 |
| Nasdaq | (0NDQC ) | 14587.66 | -206.10 | -1.39 |
| Russell 2000 | (IWM) | 215.23 | -3.84 | -1.75 |
| IBD 50 | (FFTY) | 44.58 | -0.65 | -1.44 |
Last Update: 1:18 PM ET 8/17/2021 |
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UnitedHealth Group (UNH) bucked the trend, up 1%. The managed care firm is close to a breakout to new highs.
Walmart (WMT) was mostly flat. E-commerce sales slowed for the second straight quarter, up 6%. That's down from 37% growth in Q1 and 69% growth in Q4. Investors seemed to focus instead on better than expected earnings, sales and same-store sales growth.
The S&P 500 fell 1.2% and the Nasdaq composite dropped 1.4%. Volume on the NYSE and Nasdaq was tracking slightly higher than Monday's levels.
Major stock indexes closed bullishly off lows Monday, although breadth was still weak in the Nasdaq, with declining stocks outnumbering winners by more than 2-to-1. Breadth was weak again Tuesday, with Nasdaq decliners outnumbering advancers by 4-to-1.
Stock Market Movers
Several leading growth stocks have come under selling pressure in recent days, raising the probability of a market pullback. The Innovator IBD 50 ETF (FFTY) was down 2%, weighed down by big drops for Celsius (CELH), AutoNation (AN) and Crox (CROX).
Bright spots in the IBD 50 index of leading growth stocks were new issue Global-E Online (GLBE), which jumped 7% on earnings.
Little known tech services firm Taskus (TASK) soared to an all-time high after a breakout from an IPO base. Shares jumped 6%.
Inside the MarketSmith Growth 250, new issue Monday.com (MNDY) was another big winner, up 19% to an all-time high. The company isn't profitable yet, but Q2 revenue growth accelerated from Q1, up 94% to $70.6 million.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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