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  3. US markets end lower on Tuesday

US markets end lower on Tuesday

21 Nov 2018 Evaluate

After the sell-off seen in the previous session, the US markets once again closed in red on Tuesday. With the continued drop, the tech-heavy Nasdaq fell to its lowest closing level in over seven months. The continued weakness on markets partly reflected a negative reaction to the latest batch of earnings news from companies such as Target (TGT).  Shares of Target plummeted by 10.5 percent after the retail giant reported third quarter earnings that missed street estimates on slightly weaker than expected comparable store sales growth. Department store operator Kohl’s (KSS) and Victoria’s Secret parent L Brands (LB) also posted steep losses after reporting their quarterly results. A continued decline by Apple (AAPL) also weighed on the markets.  Besides, the drop erased year-to-date gains for both the Dow and S&P 500, while the Nasdaq now clings to a 0.1% gain on the year. Month-to-date, the Nasdaq has fallen 5.4%, the S&P and Dow have retreated 2.6% in November.

On the economic front, a report from the Commerce Department showed housing starts rebounded in the month of October, although the report also showed a decrease in building permits. The Commerce Department said housing starts jumped by 1.5 percent to an annual rate of 1.228 million in October after plunging by 5.5 percent to a revised rate of 1.210 million in September. Street had expected housing starts to climb to a rate of 1.225 million from the 1.201 million originally reported for the previous month. Meanwhile, the report said building permits fell by 0.6 percent to an annual rate of 1.263 million in October after surging up by 1.7 percent to an upwardly revised 1.270 million in September. Building permits, an indicator of future housing demand, had been expected to increase to 1.267 million from the 1.241 million originally reported for the previous month.

Dow Jones Industrial Average dropped 551.80 points or 2.21 percent to 24465.64, S&P 500 plunged 48.84 points or 1.82 percent to 2641.89 and Nasdaq was down by 119.65 points or 1.70 percent to 6908.82.

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