Global market update: US stocks fall after disappointing Home Depot forecast, weak retail sales data

The S&P 500 closed 26.39 points, or 0.64%, at 4,109.89. The Dow Jones Industrial Average closed 335.01 points, or 1.00%, at 33,013.59. The Nasdaq Composite was down 21.89 points, or 0.18%, at 12,343.05.

Home Depot shares fell 2.15% to $282.33 after it said its March quarter revenue fell more than expected. It cut its forecast for sales this fiscal.

A report showed that retail sales figures for April were weaker than expected, leading to falling consumer spending.

The US Commerce Department said retail sales rose 0.4% in April, below estimates for a 0.8% increase. But core retail sales improved, with the figure excluding automobiles, gasoline, building materials and food services.

Lawmakers held a new round of talks about raising the debt ceiling. The Treasury Department has warned that without a deal, the cash could run out by June 1.

The yield on the 10-year Treasury rose to 3.54% from 3.51% late Monday. The 2-year Treasury yield rose to 4.07% from 4.01%.

Canada

Energy and financial stocks dragged Canadian stocks down on Tuesday. The Toronto Stock Exchange’s S&P/TSX Composite Index declined 297.9 points, or 1.45%, to close at 20,242.07.

Currencies

The US dollar rose to 136.32 Japanese yen from 136.09. The euro fell from $1.0874 to $1.0868.

europe

European shares declined on Tuesday, with the pan-European STOXX 600 index closing 0.4% lower.

Britain’s FTSE 100 closed down 0.3% at 7,751.08. Germany’s DAX closed down 0.1% at 15,897.93. In France, the CAC 40 closed down 0.2% at 7,406.01.

Automakers fell 0.9% after weak data from China fueled concerns about an economic slowdown.

The Telecom index declined 0.9%, compared with a 2.2% drop in the Telecom Index due to growing uncertainties over the bidding process for Telecom Italia’s landline grid.

Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, data showed, rising employment and a sharp rise in exports boosted the bloc’s trade surplus.

Asia

Asian shares closed mixed on Tuesday.

Hong Kong’s Hang Seng index closed flat. China’s Shanghai Composite fell 0.6% to 3,290.99. South Korean benchmark Kospi was up 0.89 points, or 0.04%, at 2,480.24.

Japan’s Nikkei 225 rose 0.7% to 29,842.99.

Australia’s S&P/ASX 200 index fell 0.5% to close at 7234.70 points. In New Zealand, the benchmark S&P/NZX 50 index rose 0.1% to close at 11,945.87.

energy prices

Brent crude for July delivery fell 32 cents to $74.91 a barrel on Tuesday. US crude oil benchmark for June delivery fell 25 cents to $70.86 a barrel.

Natural gas for June delivery was flat at $2.38 per 1,000 cubic feet.

bullion

Gold for delivery in June fell $ 29.70 to $ 1,993 an ounce. Silver for delivery in July declined 40 cents to $23.89 an ounce.