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
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.