The S&P 500 moved lower on Tuesday as investors reacted to weaker-than-expected retail sales data and grew concerned about the threat artificial intelligence poses to the financial sector.
The Dow Jones Industrials index gained 52.2 points, to 50,188.07,
The much broader index fell back 23.01 points to 6,941.81.
The NASDAQ tumbled 136.2 points to 23,102.47.
Under pressure Tuesday were shares of retailers Costco, down 2% and Walmart, which fell more 1%. That’s after the latest retail sales report showed that consumer spending in December was flat, missing the 0.4% monthly gain that economists polled by Dow Jones were expecting.
Retail sales had increased 0.6% in November.
Financial stocks also took a hit Tuesday after tech platform Altruist launched a new AI-powered tax planning tool. Shares of LPL Financial declined 7%, while shares of Charles Schwab dropped 6% and Morgan Stanley dipped 2%.
Investors are awaiting the big jobs report on Wednesday, and the consumer price index on Friday.
The latest retail sales report showed that consumer spending in December was flat, missing the 0.4% monthly gain that economists polled by Dow Jones were expecting. The figure comes after a 0.6% gain that economists polled by Dow Jones were expecting. Retail sales had
increased 0.6% in November.
Prices for the 10-year Treasury gained ground, lowering yields to 4.14% from Monday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices dropped 26 cents to $64.10 U.S. a barrel.
Gold prices erased $21.60. to $5,057.80 U.S. an
