By Jonathan Garber FOXBusiness
S&P 500 and Nasdaq hit new highs.
Stocks slumped into negative territory Tuesday after hitting record highs earlier in the session following strong housing data and better-than-expected retail earnings.
The S&P 500 climbed as much as 0.39% in the opening minutes of trading, eclipsing its intraday high of 3,393.52, before turning lower. The benchmark index needs to finish above 3,386.15 to close at a record peak.
Meanwhile, the Nasdaq Composite gained as much as 0.7%, touching its own record high, and the Dow Jones Industrial Average climbed 0.17% before both indexes fell into negative territory.
|I:COMP||NASDAQ COMPOSITE INDEX||11179.462422||+49.74||+0.45%|
|I:DJI||DOW JONES AVERAGES||27802.78||-42.13||-0.15%|
Looking at the economy, housing starts rose 23% to a seasonally adjusted annualized rate of 1.496 million, beating the 1.24 million that was anticipated by analysts surveyed by Refinitiv. Building permits, meanwhile, climbed 19% to 1.495 million, ahead of the 1.32 million that was expected.
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The results sent shares of homebuilders, like Toll Brothers Inc., Pulte Group and Lennar Corp. higher.
On the earnings front, Dow component Home Depot Inc. reported better-than-expected top and bottom lines as U.S. comparable sales rose 25% from a year ago.
Fellow Dow member Walmart Inc. said online sales rose 97% versus last year, helping drive a 79% jump in profit.
|HD||THE HOME DEPOT INC.||285.18||-3.06||-1.06%|
|BJ||BJS WHSL CLUB HLDGS INC||43.25||+0.48||+1.12%|
|BABA||ALIBABA GROUP HOLDING LTD||258.33||+1.37||+0.53%|
BJ’s Wholesale Club Inc. and Alibaba Group are among the companies reporting ahead of Wednesday’s opening bell.
Meanwhile, Boeing job cuts will extend beyond its initial plan to eliminate 10% of its workforce. The company is offering workers, mostly in its commercial airplanes unit, services division and corporate operation, a second voluntary layoff opportunity.
Oracle is in talks to acquire the U.S., Canadian, Australian and New Zealand assets of the social-media app TikTok from Chinese owner ByteDance, according to CNBC, citing a person familiar with the matter.
Elsewhere, Tesla shares continued to zoom higher, and were trading above $1,900 apiece for the first time.
Looking at commodities, gold climbed $21.50 to $2,020.20 an ounce while West Texas Intermediate crude oil slid 72 cents to $42.16 a barrel.
U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.68%.
In Europe, Germany’s DAX was trading up 0.34% while France’s CAC and Britain’s FTSE fell 0.07% and 0.34%, respectively.
Asian markets finished mixed with China’s Shanghai Composite adding 0.36%, Hong Kong’s Hang Seng edging up 0.08% and Japan’s Nikkei slipping 0.2%.
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