S&P Skid Continues on Weak Consumer Confidence

Stocks fell broadly on Tuesday, with the S&P 500 on pace for its fourth consecutive losing session, as traders weighed concerns around economic growth and global trade.The Dow Jones Industrials zoomed higher 159.95 points or 1.4%, to close at 43,621.16The much-broader index handed over 28 points to 5,955.25The NASDAQ Composite jettisoned 260.54 points, or 1.4%, to 19.026.39, with Nvidia’s pullback of 2.3% leading the index lower. Nvidia is set to report earnings Wednesday after the bell. Shares are down more than 5% in 2025, underperforming the broader market.Bitcoin prices fell below $90,000 to a three-month low. The blue-chip coin is trading almost 20% below its all-time high reached on President Donald Trump’s inauguration day.The major averages took a leg lower after the most recent consumer confidence survey from the Conference Board came in much weaker than economists’ estimates. This follows a series of weak data releases last week, including lackluster manufacturing and retail sales numbers. Cautious forward guidance from Walmart added to worsening sentiment on consumer health and the economy.Shares of major bank stocks rolled over on Tuesday on rising recession concerns. Goldman Sachs, Wells Fargo and JPMorgan Chase fell more than 1% each.Momentum stocks that have powered the market’s gains also slipped. In addition to Nvidia, Palantir lost 4%, bringing the stock down around 14% for the week. Meta Platforms declined 1.4%. Electric vehicle maker Tesla, another favorite among retail investors, fell more than 9%. The slide brought Tesla’s market capitalization below the $1 trillion threshold.Investors are also mulling Trump’s latest remarks on trade. On Monday, Trump announced that tariffs on imports from Canada and Mexico “will go forward” after the current 30-day moratorium ends. The White House is also preparing for tighter curbs over China’s semiconductor exports, according to a report from Bloomberg News.Prices for the 10-year Treasury gained sharply, lowering yields to 4.29% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.Oil prices subtracted $1.61 to $69.09 U.S. a barrel. Prices for gold dropped $38.00 an ounce to $2,925.20 U.S. S&P Skid Continues on Weak Consumer Confidence