Tuesday, U.S. shares closed in the red stop a three-session rally.
The Dow Jones industrial average declined by 390 points (-1.6%) to 24206, the S&P 500 fell 31 points (-1.1%) to 2922, and the Nasdaq 100 dropped 33 points (-0.4%) to 9298 .
Banks (-3.21%), energy (-2.89%) and household and personal products (-2.59%) lost the most.
Kohl’s (KSS -7.65%), TechnipFMC PLC (FTI -6.81%), Hess Corp (HES -6.62%) and Macy’s Inc (M -6.46%) were the biggest losers.
On the technical side, approx. 33.8% (26.2% in the previous session) of stocks in the S&P 500 index above their 200-day moving average and 76.0% (38.6% in the previous session) were above their 20-day moving average.
U.S. official data showed that Housing Starts dropped to an annual rate of 891,000 units in April (900,000 units expected).
In a video conference session of the Senate Banking Committee, Federal Reserve Chairman Jerome Powell said the central bank would use its “full range of tools to support the economy.” And Finance Secretary Steven Mnuchin pointed out that his department would support the Fed’s lending programs with extra cash.
Later today, the Federal Reserve releases minutes from its most recent monetary policy meeting.
European equities consolidated gains made in the previous session, with the Stoxx Europe 600 index slipping 0.6%. France’s CAC lost 0.9% and the UK’s FTSE 100 dropped 0.8%, while Germany’s DAX added 0.2%.
U.S. Treasury prices rose again as the benchmark 10-year Treasury yield fell to 0.714% from 0.741% on Monday.
The spot gold price rose $ 14 (+ 0.8%) to $ 1,745 per share. Ounce.
Oil prices remain inflated as the U.S. WTI crude oil futures (June) rose 2.1% to $ 32.50 per share. Barrel.
On the forex front, ICE U.S. The dollar index slipped 0.1% on the day to 99.58. The Federal Reserve chairman reiterated during his testimony before the Senate that more financial support may be needed to support the economy, while the Fed is ready to use all its tools.