The Dow Jones Industrials hurtled lower 491.27 points, or 1.6%, to 30,946.99.
The S&P 500 fell 78.56 points, or 2%, to 3,821.55.
The NASDAQ Composite let go of 343.01 points, or 3%, to 11,181.54.
At one point, the Dow was up as much as 446.83 points, or 1.4%. The S&P 500 was ahead 1.2%, and NASDAQ gained 1%. However, the major averages reversed those gains after the release of disappointing economic data.
Major averages cut gains after disappointing economic data. Consumer confidence index fell to a reading of 98.7, down from 103.2 in May and missing a Dow Jones estimate of 100, according to The Conference Board.
Retail stocks fell after the release of the consumer confidence data. Bath & Body Works lost 5.8%. Lowe’s fell 5.2%, while Home Depot and Macy’s each lost more than 4%.
Shares of Nike fell 7% after the sportswear company issued weaker-than-expected revenue guidance for the current quarter.
Nike said it sees flat to slightly up revenue for its fiscal first-quarter versus the prior year, and low double-digit revenue for 2023 on a currency-neutral basis, as it continues to manage COVID disruption in Greater China.
Chip stocks saw big declines, with Nvidia down 5.3% and Advanced Micro Devices lower by 6.2%. Marvel fell 4.9%. Meanwhile, Qualcomm added 3.5% after an analyst predicted Apple will use its modems for the 2023 iPhone.
Treasury prices regained some strength, lowering yields to 3.19% from Monday’s 3.20%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.23 to $111.80 U.S. a barrel.
Gold prices faded $3.80 to $1,821.00 U.S. an ounce.