Aug. 17 (UPI) — U.S. markets fell from record highs on Tuesday as investors responded to disappointing retail numbers.
The Dow Jones Industrial Average fell 282.12 points, or 0.79%, and the S&P 500 closed the day down 0.71% as both major indexes snapped five-day winning streaks after closing at record highs in the previous day’s session. The Nasdaq Composite fell 0.93%, declining for the second consecutive day to start the week.
Markets responded to a Commerce Department report that retail purchases fell by 1.1% in July.
“When we’re looking at the expectations for consumer strength going forward, some of the edge is being taken off by the rise in the delta variant,” Yung-Yu Ma of BMO Wealth Management told CNBC. “These challenges aren’t going to go away quickly.”
Home Depot stock fell 4.32% as it reported comparable sales for the second quarter rose 4.5% more than a full percentage point below analysts’ estimates.
Walmart stock also dipped slightly, falling 0.033% after the company reported gains in groceries and a strong start to the back-to-school season.
Tech stocks also suffered Tuesday as Facebook fell 2.21%, Amazon dropped 1.73%, Google’s parent company, Alphabet, declined 1.19% and Apple stock closed down 0.62%.