Any positive momentum stocks had on Monday dissipated yesterday, as downbeat economic signs weighed on indexes.
Individual technology stocks had a good day — both Microsoft and Nvidia hit a 52-week high, while Alphabet jumped 2.6% and Meta added 2% — but even those large-cap stocks couldn't stop the tech-heavy Nasdaq Composite from declining 0.2%.
Other indexes fared badly too. The S&P 500 closed 0.64% lower. And merely a day after breaking its five-day losing streak, the Dow Jones Industrial Average fell again. The stock index slid 1%, dropping below its 50-day average for the first time since March 30, suggesting that it has further to fall.
Both the Dow and the S&P were badly affected by Home Depot's weak earnings report and lackluster forecast. The home improvement retailer is "the most impactful retailer in the price-weighted Dow — having almost double the weight of Walmart," , and it has "both a greater index and earnings influence in the S&P 500 due to the Walton family's hefty stake in Walmart that reduces its weighting in the main equity benchmark."
Home Depot's disappointing performance suggests that consumer demand is flagging. Indeed, retail sales in April
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