Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end lower on Tuesday


US markets end lower on Tuesday

After the sell-off seen in the previous session, the US markets once again closed in red on Tuesday. With the continued drop, the tech-heavy Nasdaq fell to its lowest closing level in over seven months. The continued weakness on markets partly reflected a negative reaction to the latest batch of earnings news from companies such as Target (TGT).  Shares of Target plummeted by 10.5 percent after the retail giant reported third quarter earnings that missed street estimates on slightly weaker than expected comparable store sales growth. Department store operator Kohl's (KSS) and Victoria's Secret parent L Brands (LB) also posted steep losses after reporting their quarterly results. A continued decline by Apple (AAPL) also weighed on the markets.  Besides, the drop erased year-to-date gains for both the Dow and S&P 500, while the Nasdaq now clings to a 0.1% gain on the year. Month-to-date, the Nasdaq has fallen 5.4%, the S&P and Dow have retreated 2.6% in November.

On the economic front, a report from the Commerce Department showed housing starts rebounded in the month of October, although the report also showed a decrease in building permits. The Commerce Department said housing starts jumped by 1.5 percent to an annual rate of 1.228 million in October after plunging by 5.5 percent to a revised rate of 1.210 million in September. Street had expected housing starts to climb to a rate of 1.225 million from the 1.201 million originally reported for the previous month. Meanwhile, the report said building permits fell by 0.6 percent to an annual rate of 1.263 million in October after surging up by 1.7 percent to an upwardly revised 1.270 million in September. Building permits, an indicator of future housing demand, had been expected to increase to 1.267 million from the 1.241 million originally reported for the previous month.

Dow Jones Industrial Average dropped 551.80 points or 2.21 percent to 24465.64, S&P 500 plunged 48.84 points or 1.82 percent to 2641.89 and Nasdaq was down by 119.65 points or 1.70 percent to 6908.82.

Related News

View all news

US markets end higher after Trump says China trade talks to continue

The US markets ended higher on Friday after key negotiators cast a positive glow on trade talks. US Secretary of Treasury Steven Mnuchin indicated that bilateral talks were constructive even though an......

US markets lower after US President claims China broke the deal

The US markets ended lower on Thursday as trade tensions ramped up after US President Donald Trump threatened tariff retaliation on China, which he claims broke the deal. Anxiety over the prospect of a......

US markets end mostly lower on Wednesday

The US markets ended mostly lower on Wednesday as worries over US-China trade talks lingered. A notice in the Federal Register formally laid the groundwork to raise tariffs on $200 billion of Chinese imports......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......