Stocks fell sharply on Tuesday, with losses in major tech shares pulled down the broader market as Treasury yields climbed near three-month highs and Congressional lawmakers continue to debate government funding.
The Dow Jones Industrial Average fell nearly 570 points while both the S&P 500 and Nasdaq dropped over 2% as tech names like Facebook
The 10-year Treasury yield climbed higher on Tuesday, rising as high as 1.567%. Meanwhile, lawmakers in Washington continued debates surrounding the government's budget, with Congress needing to approve funding by Friday to avoid a shutdown.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Consumer confidence falls in September amid Delta variant fears:
U.S. consumer confidence declined to the lowest level in seven month in September as concerns over the ongoing spread of the coronavirus dampened short-term outlooks.
The Conference Board's monthly Consumer Confidence Index dropped to 109.3 in September, falling from 113.8 in August, representing a third straight monthly decline.
"Consumer confidence dropped in September as the spread of the Delta variant continued to dampen optimism," Lynn Franco, senior director of economic indicators at the conference board, said in a press statement.
"Consumer confidence is still high by historical levels--enough to support further growth in the near-term--but the index has now fallen 19.6 points for the recent peak of 128.9 reached in June," Franco added. "These back-to-back declines suggest consumers have grown more cautious and are likely to the cutrial spending going forward."
Home prices continue to climb higher in July:
U.S. home prices climbed in July, reaching a new all-time high for a fourth consecutive month as increased demand and material shortages pushed housing prices higher.
The S&P CoreLogic Case-Shiller national home price index increased at a 19.70% rate in July compared to last year, rising from June's 18.73% increase. Beneath the headline, the firm's 20-City Composite Index rose 19.95% in July compared to last year, accelerating from June's 19.14% increase.
Still, the 20-City Composite Index decelerated slightly month-over-month, with the index rising 1.55% in July compared to June after rising at a 1.79% in the latter month.
Here's how benchmarks started trading soon after opening bell:
S&P 500 Index: -0.73% or -32.55 points to 4,410.56
Dow Jones Industrial Average: -0.38% or -131.45 points to 34,737.92
Nasdaq Composite Index: -1.08% or -166.48 points to 14,808.95
