,The Dow Jones Industrial Average .DJI fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 .SPX lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite .IXIC dropped 343.01 points, or 2.98%, to 11,181.54. (File pic shows the Iconic 'Fearless Girl" at Wall Street)Wall Street NYSE fearless girl皇冠正网app（www.hg108.vip）是一个开放皇冠正网代理APP下载、皇冠正网会员APP下载、皇冠正网线路APP下载、皇冠正网登录APP下载的皇冠正网平台。皇冠正网APP上最新登录线路、新2皇冠官方正网更新最快。皇冠正网APP开放皇冠官方会员注册、皇冠官方代理开户等业务。
NEW YORK: Wall Street closed sharply lower in a broad sell-off on Tuesday as dire consumer confidence data dampened investor optimism and fueled worries over recession and the looming earnings season.
The S&P and the Nasdaq fell about 2% and 3% respectively, with Apple Inc AAPL.O, Microsoft Corp MSFT.O and Amazon.com AMZN.O weighing the heaviest. The blue-chip Dow shed about 1.6%.
"Markets were fine today until the consumer confidence number came out," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "It was weak and markets immediately began selling off."
With the end of the month and the second quarter two days away, the benchmark S&P 500 is on track for its biggest first-half percentage drop since 1970.
All three indexes are on course to notch two straight quarterly declines for the first time since 2015.
"At some point this aggressive selling is going to dissipate but it doesn't seem like it's going to be anytime soon," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.
Data released on Tuesday morning showed the Conference Board's consumer confidence index dropping to the lowest it has been since February 2021, with near-term expectations reaching its most pessimistic level in nearly a decade.
The growing gap between the Conference Board's "current situation" and "expectations" components have widened to levels that often precede recession:
The Dow Jones Industrial Average .DJI fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 .SPX lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite .IXIC dropped 343.01 points, or 2.98%, to 11,181.54.
Ten of the 11 major sectors in the S&P 500 ended the session in negative territory, with consumer discretionary .SPLRCD suffering the largest percentage loss. Energy .SPNY was the sole gainer, benefiting from rising crude prices CLc1. O/R
With few market catalysts and market participants gearing up for the July Fourth holiday weekend, the day's sell-off cannot be blamed entirely on the Consumer Confidence report, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota.
"It’s hard to attribute (market volatility) to one economic data point with so much noise around portfolio rebalancing at quarter-end," Hainlin said.
"There’s not a lot of new information out there and yet you see this volatile stock environment," he said, adding that there will not be much new information until companies start earnings.