Stocks slipped lower Tuesday, but all three major averages ended August with gains. Moreover, the S&P 500 posted it seventh-straight month of gains, marking its longest winning streak since a 10-month run ending in December 2017.
For the month, the Nasdaq outperform with a gain of roughly 4%, while the S&P 500 was next was a climb of 2.9%. The Dow was the month's underperformer, but still added 1.2% in August.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Biden says the era of U.S. nation building is over as Afghanistan war ends:
President Joe Biden gave a national address on Tuesday in defense of his decision to end the U.S. war in Afghanistan after 20 years of conflict, saying the the era of U.S. nation rebuilding has come to an end.
"The war in Afghanistan is now over," Biden said from the White House. "I'm the fourth president who have faced the issue of whether and when to end this war."
"This decision about Afghanistan is not just about Afghanistan, it's about ending an era of major military operations to remake other countries," Biden added.
Consumer confidence declines in August amid Delta variant concerns:
The Conference Board's consumer confidence index missed expectations in August, with the spread of the highly contagious Delta variant raised more concerns among consumers.
The firm's headline index decreased to 113.8 in August, which fell from July's downwardly revised reading of 125.2 and missed consensus economists expectations for a slight decline to 123.0.
"Concerns about the Delta variant--and, to a lesser degree, rising gas and food prices--resulted in a less favorable view of current economic condition and short-term growth prospects," Lynn Franco, senior director of economic indicators at the Conference Board, said in a press statement. "Spending intentions for homes, autos, and major appliances all cooled somewhat; however, the percentage of consumers intending to take a vacation in the next six months continued to climb."
"While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing this spending in the months ahead."
U.S. home prices climb by most in 30 years in June:
U.S. home prices increased by the most in 30 years in June, according to the S&P CoreLogic Case-Shiller national home price index published Tuesday, as tight inventory levels and surging demand weighed on affordability.
For June, the index jumped by 18.6% compared to the previous year, accelerating from a 16.8% rise in May and marking a 13th straight month of price increases. Moreover, the firm's 20-city composite index, which tracks home price changes across 20 major metropolitan areas, increased by 19.08% in June compared to last year, also increasing from May's 17.14% rise.
Here's how benchmarks started trading after market open:
S&P 500 Index: -0.09% or -3.86 points to 4,524.93
Dow Jones Industrial Average: -0.10% or -34.25 points to 35,365.59
Nasdaq Composite Index: -0.15% or -23.48 points to 15,241.76
