Dow, S&P Fall from Record Highs - InvestingChannel

Dow, S&P Fall from Record Highs



U.S. stocks slipped on Tuesday as a sharp decline in drug store shares and disappointing economic data weighed on the broader market.

The Dow Jones Industrials slumbered 379.87 points or 1.3%, to 29,570.57, from Monday’s record close.

The S&P 500 also came off its all-time high, losing 32.67 points to 3,594.24

The NASDAQ dropped 48.49 points to 11,875.64.

Shares of pharmacy owner CVS Health and Dow-member Walgreens Boots Alliance dropped after Amazon launched a pharmacy business, which allows free delivery of medications for Prime members. Walgreens shares dropped 8.7% and CVS lost 7.5%. Amazon shares popped more than 1%.

Tesla shares jumped more than 11% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21. It was a long anticipated move for the surging stock. Before Monday, the shares had already more than quadrupled this year.

Home Depot fell 2.7% despite a third-quarter earnings beat. Its sales also surged about 24% compared with a year ago as pandemic home improvement buying continued.

Walmart shares dipped 1% even after earnings topped expectations on soaring e-commerce sales.

The declines also came after data showed retail sales increased less than expected in October. Retail sales rose 0.3% last month, versus a 0.5% gain expected by economists polled by Dow Jones.

Prices for the 10-Year Treasury were lower, raising yields to 0.87% from Monday’s 0.91%. Treasury prices and yields move in opposite directions.

Oil prices lost 35 cents to $40.99 U.S. a barrel.

Gold prices added $1.20 to $1,889.00