Stocks Fall Modestly As Home Depot Slides, Apple Edges Up – Investor’s Business Daily

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The stock market was moderately lower in late morning trading Tuesday, as Home Depot (HD) led a retreat in building stocks. Apple (AAPL) erased early losses.

The Dow Jones industrial average fell 0.4%. The S&P 500 and the Nasdaq gave up 0.3%. Volume was tracking higher on the NYSE but slightly lower on the Nasdaq in the stock market today vs. the same time Monday.

Department stores, other retailers and building-related stocks underperformed. In the building and home improvement space, Home Depot led the way down with near-2% loss despite beating Q1 earnings forecasts with profit of $1.45 a share, up 25% and 9 cents above the $1.36 consensus view. It reported a 9% jump in revenue to $22.8 billion.

Rival Lowe’s (LOW) fell nearly 1% in heavy trade as the stock continued working on a handle with a 77.73 buy point. Shares are near new-high ground, at 2% off their peak. Lowe’s reports earnings on Wednesday morning

Which stock leads the building products retail group? Find out at IBD Stock Checkup.

Apple have been up and down Tuesday, but are trading fractionally higher now. The iPhone maker’s shares jumped 4% Monday amid news that Warren Buffett’s Berkshire Hathaway (BRKB) bought about $1 billion in Apple stock.

Oil rose, with West Texas Intermediate crude down up 0.9% $48.13 a barrel. Gold rose fractionally.

Investors digested plenty of new economic data that pointed to a pickup in inflation. The consumer price index rose 0.4% in April, just above economists’ forecasts for a 0.3% gain. Excluding food and energy prices, the CPI climbed 0.2%, in line with projections. Housing starts in April jumped 6.6% from March to 1.172 million, beating views for 1.135 million. But new housing permits rose 3.3% to 1.116 million, below forecasts for 1.130 million. Industrial production jumped 0.7%, much better than expected.