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Business News/ Markets / Stock Markets/  Global markets update: US stocks slide after disappointing Home Depot forecast, weak retail sales data

US stocks slid on Tuesday after a disappointing forecast from Home Depot, weak retail sales data and worries about debt limit.

The S&P 500 fell 26.39 points, or 0.64%, at 4,109.89. The Dow Jones Industrial Average tanked 335.01 points, or 1.00%, at 33,013.59. The Nasdaq Composite lost 21.89 points, or 0.18%, at 12,343.05.

Shares of Home Depot plunged 2.15% at $282.33 after it said its revenue dropped by more-than-expected in the March quarter. It cut its forecast for sales this fiscal year.

A report showed that retail sales data for April was weaker-than-expected suggesting consumer spending is falling. 

The US commerce department said retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. But core retail sales rebounded, a figure excluding automobiles, gasoline, building materials and food services.

Lawmakers held a new round of talks about raising the debt ceiling. The treasury department has warned that it could run out of cash as soon as 1 June without a deal. 

The yield on the 10-year treasury climbed to 3.54% from 3.51% late Monday. The 2-year treasury yield rose to 4.07% from 4.01%.


Energy and financial stocks dragged down Canadian shares on Tuesday. The Toronto Stock Exchange's S&P/TSX composite index ended down 297.9 points, or 1.45%, at 20,242.07.


The US dollar rose to 136.32 Japanese yen from 136.09. The euro fell to $1.0868 from $1.0874.


European stocks dropped on Tuesday, with the pan-European STOXX 600 index closing 0.4% lower.

Britain’s FTSE 100 lost 0.3% at 7,751.08. Germany’s DAX fell 0.1% at 15,897.93. In France, CAC 40 slipped 0.2% at 7,406.01.

Automakers fell 0.9% after weak data from China fuelled concerns about an economic slowdown.

The telecom index declined 0.9% with Telecom Italia falling 2.2% on mounting uncertainties over the bidding process for its landline grid.

Data showed euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, with rising employment and a sharp increase in exports boosting the bloc's trade surplus.


Asian shares closed mixed on Tuesday.

Hong Kong’s Hang Seng index ended flat. China's Shanghai Composite fell 0.6% at 3,290.99. South Korean benchmark Kospi rose 0.89 points, or 0.04%, at 2,480.24.

Japan’s Nikkei 225 added 0.7% at 29,842.99.

Australia’s S&P/ASX 200 index ended 0.5% lower to end at 7234.70 points. In New Zealand, the benchmark S&P/NZX 50 index rose 0.1%, to close at 11,945.87.

Energy prices

Brent crude for July delivery fell 32 cents to $74.91 a barrel on Tuesday. US crude oil benchmark for June delivery fell 25 cents to $70.86 a barrel.

Natural gas for June delivery was unchanged at $2.38 per 1,000 cubic feet.


Gold for June delivery tumbled $29.70 at $1,993 an ounce. Silver for July delivery fell 40 cents to $23.89 an ounce. 


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Updated: 17 May 2023, 02:11 AM IST
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