The US markets ended mostly lower on Tuesday, with the Dow Jones Industrial Average and S&P 500 retreating from records, on disappointing earnings results and doubts about a US - China trade deal. Shares of Home Depot moved sharply lower after the home improvement retailer reported weaker than expected third quarter revenues and lowered its full-year sales forecast. Department store chain Kohl's (KSS) also posted a steep loss after reporting weaker than expected third quarter results and cutting its annual guidance. Meanwhile, in a continuation of the market' recent trend of shrugging off negative reports on the trade front, traders seemed unfazed by President Donald Trump threatening higher tariffs on Chinese goods if an agreement is not reached. However, the Nasdaq notched a record finish on the strength of technology shares.
On the economic data front, a report released by the Commerce Department showed a substantial rebound in new residential construction in the month of October. The Commerce Department said housing starts surged up by 3.8 percent to an annual rate of 1.314 million in October after plunging by 7.9 percent to a revised rate of 1.266 million in September. Street had expected housing starts to jump by 5.1 percent to a rate of 1.320 million from the 1.256 million originally reported for the previous month. Despite the notable rebound, housing starts remain below the more than twelve-year high of 1.375 million set in August. The report said single-family housing starts climbed by 2.0 percent to a rate of 936,000 in October, while multi-family starts surged up by 8.6 percent to a rate of 378,000.
Dow Jones Industrial Average declined 102.20 points or 0.36 percent to 27934.02 and S&P 500 was down by 1.85 points or 0.06 percent to 3120.18, while Nasdaq gained 20.72 points or 0.24 percent to 8570.66.
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