Disappointing retail sales data pressured the market today
The Dow secured a third-straight record close on Tuesday, while the S&P 500 and Nasdaq tumbled on the heels of lackluster retail sales data for December. The financial sector was also under pressure, after Altruist launched its new AI tax planning tool. Wall Street is now shifting attention to the delayed jobs report for January, which is due out tomorrow. Elsewhere, the Cboe Volatility Index (VIX) saw its first gain in three sessions.
Continue reading for more on today's market, including:
- 2 retail stocks stalled on disappointing sector data.
- Can digital assets crawl out of the crypto crater?
- Plus, beverage stock cooling off, and two chip stocks in rally mode.
5 Things to Know Today
- Estee Lauder (EL) sued Walmart (WMT) over allegations of facilitating the sale of counterfeit beauty products via third-party sellers in its online marketplace. (CNBC)
- Strategy (MSTR) Executive Chair Michael Saylor dismissed claims that the company would liquidate its Bitcoin (BTC) holdings if its value continues to sink. (Barron's)
- Revenue miss pressures Coca-Cola-stock lower.
- Semiconductor stock brushes off dismal forecast.
- Preliminary top-line win boosts Credo Technology stock.
Oil Prices Move Lower; U.S.-Iran Tensions in Focus
Oil prices moved lower on Tuesday, with traders keeping an eye on U.S.-Iran tensions and economic data. March-dated West Texas Intermediate (WTI) crude shed 37 cents, or 0.6%, to settle $63.99 a barrel.
Gold prices also fell, with Wall Street anxiously awaiting tomorrow's release of nonfarm payrolls data for January. April-dated gold futures dropped 0.7% to settle at $5,045.30 per ounce.