Investing.com – U.S. equities suffered a negative end to the session on Tuesday, as retailers weighed, ahead of a key speech from President Donald Trump concerning his policies on tax reforms and fiscal spending.
It what was an eventful day for top-tier economic data releases, U.S. equities remained under pressure throughout the session as investors seemed reluctant to support the so-called 'Trump rally' ahead of the President’s Trump speech at 9PM EST (02:00 GMT).
President Trump’s promises on tax reform, deregulation and infrastructure spending have been major catalysts in the so-called ‘Trump rally’, which has seen U.S. equities climbed 10% since Trump’s election victory.
On the economic data front, the release of second Q4'16 US GDP and February US consumer confidence had little impact on U.S. equities.
Gross domestic product (GDP) rose at a 1.9% annual rate in the final three months of 2016, the Commerce Department said on Tuesday in its second estimate for the period. Analysts expected a 2.1% annual rate increase.
The Consumer Confidence Index, which measures consumers’ assessment of current conditions in the U.S., hit 114.8 in February, according to data from The Conference Board. Economist expected the Consumer Confidence index to hit 111 in February.
Elsewhere, Philadelphia Fed President Patrick Harker, repeated on Tuesday that he expects the central bank to raise U.S. interest rates three times this year as long as the economy continues to strengthen.
"I see three hikes as appropriate for 2017, assuming things stay on track," Philadelphia Fed President Patrick Harker, year, said in prepared remarks at Temple University.
In corporate news., Target Corporation (NYSE:TGT) shares slumped more than 12%, after it reported sales and earnings that missed expectation on Tuesday while its outlook for fiscal 2017 fell markedly short of expectations.
The Dow Jones Industrial Average closed down 25 points at 20,812. The S&P 500 lost 0.26% while the Nasdaq Composite ticked lower to close at 5825.44 down 0.62%.
The top S&P 500 gainers included Albemarle Corporation (NYSE:ALB) up 9.8%, and Priceline.com Incorporated (NASDAQ:PCLN) up 5.6%, while Endo International PLC (NASDAQ:ENDP) added 3.5%.
Signet Jewelers Ltd (NYSE:SIG) down 12.7%, Target Corporation (NYSE:TGT) down 12.2% and Perrigo Co (NYSE:PRGO) slumped 11.7%, were among the worst S&P 500 performers of the session.