The stock market lost ground on Tuesday, hurt by a disappointing forecast from Walmart and poorly received earnings from a few other big names, like GM and UBS. Meanwhile, investors still have one eye fixed on Wednesday’s Federal Reserve decision.
The Dow Jones dropped 228.50 points to close at 31,761.54. The S&P 500 retreated 45.79 points to end at 3,921.02. The Nasdaq concluded trading at 11,562.57, a slide of 220.09 points.
Eight of the 11 S&P sectors lost ground. Consumer Discretionary led the decline, falling by 3.4%. Communication Services, Info Tech and Financials all showed notable weakness as well. Health Care, Real Estate and Utilities all ended modestly higher.
Beyond the handful of high-profile disappointments, the day’s major earnings were mostly favorable. GE outperformed to the upside, with McDonald’s and Coca-Cola also showing strength.
Looking to the bond market, the 10-year Treasury yield dipped 2 basis points to 2.80% and the 2-year yield rose two basis points to 3.06%.
Looking at the day’s econ data, the Conference Board’s July consumer confidence index fell more than expected to 95.7. Meanwhile, June new home sales dropped much more than expected to a rate of 590K.
Among other active stocks, 3M ranked among the top S&P gainers as it looks to spin off its healthcare unit.