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Stocks - Dow Falls 400 Points on Tech Worries, Retail Gloom
© Reuters.
Investing.com – Wall Street slumped on Tuesday, as concerns over technology and disappointing retail results prompted an equity selloff.
The S&P 500 fell 35 points, or 1.33%, to 2,654.92 as of 9:36 AM ET (14:36 GMT), while the Dow tumbled 406 points, or 1.62%, to 24,611.05 and the tech-heavy Nasdaq Composite was down 116 points, or 1.65% to 6,912.27.
Retail earnings came in lower than expected, increasing worry over the holiday sales season.
Target (NYSE:TGT) slumped 8.82% after its earnings came in lower than expected, while Lowe's dipped 3% after news that it plans to exit retail operations in Mexico. L Brands (NYSE:LB) fell 14% after the company cut its annual dividend in half and Kohl’s decreased 8% after it’s increased full-year profit forecast was lower than analysts’ expectations.
Technology stocks were lower amid worry over demand for new products over the holiday season. Apple (NASDAQ:AAPL) fell 2.98% amid news of the company cutting production of its latest iPhone models continued to weigh, while Amazon (NASDAQ:AMZN) decreased 3% and Netflix (NASDAQ:NFLX) was down 3.71%.
Elsewhere, Urban Outfitters (NASDAQ:URBN) rose 2.53% after its third-quarter results beat estimates, while Campbell Soup (NYSE:CPB) gained 6.63% after posting better-than-expected financial results. Best Buy (NYSE:BBY) inched up 1% after it beat third-quarter financial expectations.
In commodities, gold futures rose 0.04% to $1,225.80 a troy ounce, while crude oil slumped 2.50% to $55.70 a barre. The U.S. dollar index, which measures the greenback against a basket of six major currencies, increased 0.33% to 96.38.
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