Stocks Sink as Retail Sales Disappoint

By FOX Business
Posted on 08/17/21 | News Source: FOX Business

U.S. stock indexes were lower Tuesday as investors digested earnings from big retailers and awaited a speech from Federal Reserve Chairman Jerome Powell. 

The Dow Jones Industrial Average fell 429 points, or 1.21%, while the S&P 500 and the Nasdaq Composite declined 1.12% and 1.34%, respectively. Both the Dow and the S&P 500 on Monday closed at record highs for a fifth straight session.

Powell is scheduled to speak in a town hall event at 1:30 p.m. ET. Market watchers will be paying close attention for any clues the Fed chairman may give as to when the central bank will begin to taper its asset purchases and raise interest rates. 

Investors received a look into the health of the consumer with retail sales declining 1.1% in July, worse than the 0.3% drop that was expected. 

In stocks, Dow component Walmart reported earnings and revenue that exceeded Wall Street estimates as back-to-school shopping provided a lift. The big-box retailer forecast full-year and current-quarter profit ahead of what analysts were expecting.