US stocks sank on Tuesday, led by the Nasdaq as tech conglomerates are set to highlight a busy earnings week.
At the close, the S&P 500 (^GSPC) was down 1.58%, while the Dow Jones Industrial Average (^DJI) was down 1.01% or more than 300 points. The technology-heavy Nasdaq Composite (^IXIC) fell 1.98%.
Bond yields fell after the release of new housing and consumer confidence data. The yield on the 10-year note fell to 3.38%, while the yield on the two-year rate-sensitive note also fell to 3.98% on Tuesday, a further drop from this morning as it stood above 4%.
Wall Street is focused on big tech results, especially given the sector’s outsized impact on the broader market’s gains so far this year. Alphabet (GOOGL) and Microsoft (MSFT) are scheduled to report after the bell. Alphabet stock is up 20.1% this year while Microsoft has gained more than 17.5%.
Amazon (AMZN) and Meta (META) earnings will be released later this week.
Positive earnings surprises were largely in line with Wall Street expectations, with about 60% of companies outperforming sales and 70% topping earnings estimates, just below their long-term averages. According to UBS.
Another focal point for Wall Street will be the energy market, as some of the biggest players report earnings over the weekend, including Exxon (XOM), Chevron (CVX), Valero (VLO) and TotalEnergies SE (TTE).
WTI fell 2% to $77.11, where it was set to post its lowest settlement since March 31.
Separately, home prices rose in February for the first time since June, ending seven straight months of declining prices as buyers returned to the market, according to the S&P CoreLogic Case-Shiller National Home Price Index. On the housing front, however, new home sales rose 9.6% in March, beating economists’ expectations of a 1.3% decline for the month.
Meanwhile, consumer confidence fell again in April as concern about a slowing economy and a possible recession weighed on American households. Conference board reported tuesday The Consumer Confidence Index fell to 101.3 in April from 104 in March.
The sell-off in First Republic Bank (FRC) shares continued, plunging more than 40% on Tuesday after the regional lender reported Monday that it had a net loss of $72 billion in deposits during the first three months of this year.
here Common indications On Yahoo Finance:
-
PepsiCo, Inc. (PEP): The global consumer goods giant raised its full-year earnings guidance after it outperformed profits in the first three months of this year, which was boosted by resilient demand and rising prices.
-
General Electric Company (GE): The manufacturer reported first-quarter revenue jumping 25% in its aerospace business.
-
General Motors Corporation (GM): The automaker reported optimistic forecasts that indicated the industry’s pricing power will run out.
-
3M Corporation (mmm): The company announced its restructuring plan that will affect 6,000 jobs globally.
-
United Parcel Service, Inc. (UPS): The delivery giant fell in revenue as consumer demand slumped, hurting quarterly sales.
-
Spotify (spot): The streaming music leader smashed expectations for new subscribers and total listeners in the first quarter.
-
McDonald’s Corporation (mcd): The fast food restaurant reported quarterly profit that beat expectations as customers remained loyal even as the restaurant raised its prices.
Elsewhere, Bitcoin (BTC-USD)’s recovery has been remarkable over the past six months, with its price nearly doubling from last year’s lows, but as noted by Bespoke Investment Group, over the past few days, bitcoin has been testing its 50-day move. The average, which has so far settled at around $27,200.
Danny Romero, Yahoo Finance correspondent. Follow her on Twitter @employee
Click here for the latest stock market news and in-depth analysis, including the events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for apple or android
Follow Yahoo Finance on Twitter TwitterAnd FacebookAnd InstagramAnd FlipboardAnd linkedinAnd Youtube
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”