The Dow Jones Industrial Average sank to session lows at 4 p.m. ET and closed 0.7% lower on weak economic and housing data.
The S&P 500 also fell to its lowest level for the day, down 0.3% at the closing bell, while the Nasdaq shed 0.1%. The Russell 2000 gave up decent gains, closing slightly in the red.
Volume was slightly higher on the NYSE and Nasdaq compared with the same time on Monday.
Crude oil rose $1.23 to $76.91 per barrel. The yield on the benchmark 10-year Treasury note was flat at 3.91%.
Housing and economic data dragged markets lower early Tuesday. Consumer confidence fell in February to 102.9 from January's 106. The February Chicago purchasing managers index also fell, to 43.6, below the 50 threshold that marks contraction.
The FHFA house price index fell 0.1% in December, while the S&P Case-Shiller house price index ticked lower by 0.5%. For the year, Case-Shiller rose 4.6%, lower than 6.8% in November and April's peak of 21.3%. A cooling housing market will likely temper inflation gauges in upcoming CPI and PCE numbers.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/loss | % change |
| Dow Jones | (0DJIA) | 32654.98 | -234.11 | -0.71 |
| S&P 500 | (0S&P5) | 3969.69 | -12.55 | -0.32 |
| Nasdaq | (0NDQC ) | 11455.54 | -11.44 | -0.10 |
| Russell 2000 | 188.14 | -0.03 | -0.02 | |
| IBD 50 | 23.21 | -0.03 | -0.13 | |
Last Update: 4 PM ET 2/29/2023 |
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Chips Act Goes Live
Statements of interest for applying for new funding under the $53 billion Chips Act opened on Tuesday.
According to the Wall Street Journal, the Pentagon will have "secure access" to advanced chips made by companies receiving the funding. The law comes with a 25% tax credit for investments in chip plants.
Chip companies that get more than $150 million in direct funding will share with the U.S. government a portion of cash flows that exceed "the applicant's projections by an agreed-upon threshold." These semiconductor stocks also cannot distribute dividends or buy back shares to get the money, according to reports. Stocks likely to benefit rose on Tuesday.
Among larger chip plays, GlobalFoundries and Texas Instruments each added 0.1%.
Smaller semiconductor stocks surged. Wolfspeed rallied over 2%, while Macom Technology Solutions rose nearly 0.5% and SkyWater Technology soared over 10%.
Dow Jones Stocks
Dow Jones stock Salesforce continues to offer an entry at 178.94 in a cup-with-handle base. Earnings are due Wednesday. Also in the Dow, Pfizer is down for six trading days in a row and on pace to close at its lowest level since July 2021.
Elsewhere, Dow Jones leader Microsoft added an updated Bing to Windows 11 to scale its new venture into artificial intelligence. Shares were flat at Tuesday's close.
Stocks Moving Today
Shares of Tesla fell more than 1% ahead of Wednesday's investor day in Austin, Texas.
The EV giant got the green light to build a new factory in Monterrey in northern Mexico. The stock is also moving on weekly Chinese insurance registration, which doubled after declining the previous two weeks. On watch for investor day are long-term expansion plans and a new platform for cheaper cars that can be produced at scale.
Shift4 Payments spiked more than 13% in strong volume after strong earnings and guidance. Shares sliced above their 50-day line and are now extended. Workday rose almost 0.4% in strong volume after earnings.
Shares of Zoom were up 1% at closing bell Monday.
Aerospace parts stock Arconic has skyrocketed nearly 20% on news off private equity firm Apollo Global Management's takeover bid. Deal price and terms are not yet known.
Stocks On Watch Outside Dow Jones
Data analytics stock Alteryx is approaching a buy point of 69.56 in a cup.
HubSpot is in a cup-with-handle base, nearing a buy point of 399.65. DoubleVerify is building its way to a 28.99 entry and is also in a cup-with-handle base.
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