The Dow Jones Industrials remained negative 61.53 points, off its lows of the morning, to 32,854.25.
The S&P 500 lost 5.84 points to 4,115.59.
The NASDAQ Composite fell 2.9 points to 12,058.47.
Target shares fell about 3.6% after the retailer announced plans to work down excess inventory, though the stock trimmed its losses as the session progressed. The company said it will implement additional markdowns to products and cancel some orders. Target also lowered its operating margins guidance for the quarter. Walmart shares followed Target lower, sliding 2%.
Major retailers have delivered mixed results and outlooks in recent weeks, adding to stock market volatility as investors try to determine if the announcements signal the start of a potential recession or a rapid change in consumer spending that caught some companies off guard on the inventory side.
Energy was one of top performing sectors on Tuesday as oil futures hovered near $120 per barrel. Exxon jumped more than 3% following an upgrade from Evercore ISI, putting the stock above $100 per share for the first time since 2014. Phillips 66 picked 2.2%, and Chevron gained 1.5%.
Shares of Apple rose more than 1%, leading Big Tech stocks. In deal news, Kohl’s jumped nearly 9% after the retailer said it was in exclusive negotiations with Franchise Group about a potential takeover.
Investors are still following what is a lighter week in company earnings. Food stock J.M. Smucker rose 5% after the company topped expectations for its quarterly report.
Treasury prices recovered strength, lowering yields to 2.97% from Monday’s 3.05%. Treasury prices and yields move in opposite directions.
Oil prices regained 91 cents to $119.41 U.S. a barrel.
Gold prices hiked $10.50 to $1,854.20 U.S. an ounce.