Stocks were mixed Tuesday morning as market participants closed out a rough month for Wall Street. The Dow Jones Industrial Average
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Tuesday is the last day of February, with all three major averages set to end the month in the red despite a strong start to the year in January. The Dow is down over 4% for the month and nearly 1.5% year-to-date. Meanwhile, the S&P 500 has lost over 2.6% and Nasdaq is down roughly 1% in February, but are up 3.8% and 10%, respectively, so far this year.
The retail sector is in focus this week, with Target
CEO Brian Cornell said in Target's earnings report that the company performed well amid "a very challenging environment" as consumers shifted spending towards necessities like groceries and household items.
On the economic front, U.S. home prices in December were 5.8% higher than the previous December, according to the S&P CoreLogic Case-Shiller Index. That is a decline from November's reported 7.6% annual gain.
Beneath the headline, the annual increase for the 10-city composite--which includes the biggest U.S. metropolitan areas like New York and Los Angeles--was 4.4% in December, down from 6.3% in the previous month. The 20-city composite rose 4.6% for the last month of 2022, down from 6.8% in the previous month.
"The prospect of stable, or higher, interest rates means that mortgage financing remains a headwind for home prices, while economic weakness, including the possibility of a recession, may also constrain potential buyers," said Craig J. Lazzara, managing director at S&P DJI, in a statement. "Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken."
The U.S. consumer also grew more pessimistic in February as concerns over long-term outlooks for the economy grew, according to a report from The Conference Board on Tuesday. The institution's headline Consumer Confidence Index fell to 102.9 for the month, down from 106 in January.
"Expectations for where jobs, incomes, and business conditions are headed over the next six months all fell sharply in February," said Ataman Ozyildirim, senior director of economics at The Conference Board, in a statement.
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