Stocks were lower Tuesday as the market comes off its first losing week in more than a month and traders pore over the latest batch of earnings.
The Dow Jones Industrials fell 44.83 points to open Tuesday at 38,583.16.
The S&P 500 handed back 33.83 points to 4,971.74.
The NASDAQ index trudged 217.37 points, or 1.4%, to 15,558.28.
Home Depot shares were down more than 1% in early trading after the home improvement giant issued mixed full-year guidance.
Financial stocks were in view Tuesday following a blockbuster announcement that Capital One Financial is reportedly purchasing Discover Financial Services in an all-stock deal worth $35.3 billion, which is expected to close in late 2024 or early 2025. Capital One slumped more than 4% following the announcement, while Discover jumped 10.5%.
In separate deal news, Walmart announced it will acquire TV maker Vizio for $2.3 billion, or $11.50 a share, leading shares of Vizio to climb above 15%. Walmart shares added more than 5% after the big-box retailer also beat quarterly earnings and revenue expectations, fueled by double-digit growth in the company’s global e-commerce sales.
The moves follow a losing week on Wall Street after economic data raised concerns that the Federal Reserve may not begin cutting interest rates as soon, or by as much, as market participants expected this year.
Prices for the 10-year Treasury regained lost strength, dropping yields to 4.25% from Friday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices crawled lower 39 cents to $78.80 U.S. a barrel.
Gold prices climbed $15.30 to $2,039.40.
