Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Overnight Markets: US stocks down on weak economic data

Overnight Markets: US stocks down on weak economic data

Wall Street edged lower on Tuesday, with the Standard & Poor’s 500 failing to break a record for a second day, as weak data in home prices and a drop in consumer confidence offset gains in Home Depot and other retail shares.

The Dow Jones industrial average fell 27 points or 0.17%, to end at 16,180. The S&P 500 slipped two points or 0.13%, to finish at 1,845. The Nasdaq Composite dropped five points or 0.13%, to close at 4,288.

Shares declined led by financials and industrials after the data showed gains in US home prices slowed in December, according to the S&P/Case-Shiller index, while the consumer confidence index fell more than expected in February.

Home Depot shares rose 4%, giving the biggest boost to both the Dow and the S&P 500. Home Depot's earnings beat expectations, though sales declined more than expected in the fourth quarter.

Macy's Inc (M.N) added 6% after the department store operator reported a drop in January sales, but said fourth-quarter earnings rose from the previous year.

Among other corporate results, Tenet Healthcare Corp (THC.N) slid 9.1% after it swung to a net loss in its fourth quarter. Tenet's adjusted earnings, however, were better than expected.  Office Depot Inc. (ODP) lost 8.8% after reporting an unexpected loss.

Perry Ellis International Inc (PERY.O) plunged 17.5% a day after the clothing company forecast a decline in quarterly revenue.

First Solar Inc (FSLR.O) dropped 12.3% after the bell as the solar panel maker reported that its fourth-quarter net income fell 58%.

Investors are cautious as Federal Reserve Chair Janet Yellen is scheduled to speak on Thursday to the Senate Banking Committee in her semiannual testimony about monetary policy.

In Asia, shares declined on Wednesday after a report showed flagging US consumer confidence and amid concern about a growth slowdown in China.

The MSCI Asia Pacific Index slid 0.2% to 138 as of 10:59 a.m. in Tokyo. Japan’s Topix index slid 0.4% with trading volume more than 29 percent less than its 30-day intraday average.

South Korea’s Kospi index fell 0.1%. Australia’s S&P/ASX 200 Index advanced 0.2% and New Zealand’s NZX 50 Index retreated 0.1%.

Hong Kong’s Hang Seng Index gained 0.3%, while the Shanghai Stock Exchange Composite Index dropped 0.2%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter