S&P 500 Index: -0.45% or -19.66 points to 4,329.21
Stocks fell on Tuesday as investor confidence wanes amid further tensions between Russia and Ukraine. The Dow Jones Industrial Average fell over 480 points, while the S&P 500 Index and Nasdaq Composite slipped over 1% lower.
The White House, European Union and United Kingdom have issued economic sanctions on Russia in response to President Vladimir Putin's decision to send armed forces into eastern Ukraine after recognizing two rebel-held regions in the country.
Here's how the market settled to start the shortened holiday week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Consumer confidence wanes for second straight month:
U.S. consumer confidence fell for the second month in a row in February, as fewer consumers plan to buy homes, automobiles or go on vacation in the next six months due to concerns over the short-term economic outlook.
Consumer confidence dipped to a reading of 110.5 in February, according to The Conference Board's latest report published Tuesday, declining from January's downwardly revised print of 111.1.
"Expectations about short-term growth prospects weakened further, pointing to a likely moderation in growth over the first half of 2022," said Lynn Franco, senior director of economic indicators at The Conference Board, in a press statement. "Meanwhile, the proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all fell."
Home price growth posted annual record gains in 2021:
Home price growth for the last month of 2021 stalled in the United States, but housing prices posted record gains for the year as the market remains hot.
The S&P CoreLogic Case-Shiller national home price index posted a 18.8% annual gain in December, according to S&P Dow Jones Indices' report published Tuesday, remaining unchanged from November's reading. Moreover, the index's 20-City Composite rose by an 18.6% annual gain in December, up from November's 18.3% increase.
"For the year, the National Composite Index recorded a gain of 18.8%. This is the highest calendar year increase in 34 years of data, and substantially ahead of 2020's 10.4% gain," said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, in a press statement. "The 10- and 20-City Composites rose 17.0% and 18.6%, respectively--a record for the 20-City Composite, and the second-best year ever for the 10-City Composite."
Here's how market benchmarks started trading after open:
