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U.S. stocks fell Tuesday at the open, rounding out the last day of a volatile month of February on Wall Street.
The S&P 500 (^GSPC) edged lower by 0.3%, while the Dow Jones Industrial Average (^DJI) declined 0.4%. The technology-heavy Nasdaq Composite (^IXIC) fell 0.2%.
The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.97% Tuesday morning. The U.S. benchmark WTI crude oil moved higher to trade around $77.77 a barrel. The dollar index was trading lower at $104.55.
Stocks closed higher on Monday, fueling a temporary rebound from Wall Street's worst week of the year. All three indexes are set to end February in the red after an optimistic start to the year.
Economic data released on Tuesday showed that retail inventories, excluding auto, rose 0.3%, higher than 0.1% expected by economists surveyed by Bloomberg. Meanwhile, wholesale inventories declined 0.4%, below the consensus estimates of 0.1%.
Other data showed that home prices fell 0.5% in December, according to data from S&P Corelogic Case-Shiller Index. On a yearly basis, home prices rose 4.6%, lower than analysts' expectations of 4.8%.
As inflation still remains sticky, Federal Reserve Governor Philip Jefferson on Monday shot down arguments for raising the central bank’s 2% inflation target and said he is under "no illusion" that it's going to be easy to get the inflation rate back down.
This week, investors will remain focused on the retail sector. On Tuesday, earnings from Target (TGT) topped analysts' expectations as consumer spending continues to move away from discretionary categories. The retailer’s same-store sales grew by 0.7%, above estimates of a 1.74% decline. The stock popped more than 2% in early trading.
Data from Bespoke Investment Group showed that over the last week, 420 stocks have reported earnings and the percentage of companies lowering guidance is more than double the percentage raising guidance, signaling "lots of trouble for these smaller-cap companies that report late in the season."
In other single stock moves, Zoom (ZM) shares rose after the company posted better-than-expected fourth quarter earnings, with earnings per share of $1.22 higher than estimates of 80 cents. Revenue came in at $1.12 billion.
Occidental Petroleum (OXY) shares moved higher on Tuesday after the oil and gas producer posted fourth-quarter results that came in below Wall Street expectations on revenue and earnings per share.
Shares of Workday (WDAY) were down after the human-resources software company topped expectations with revenue of $1.65 billion, up 20% year-over-year, against estimates of $1.63 billion.
AMC Entertainment Holdings, Inc. (AMC) shares jumped on Tuesday after a Delaware court said it would hold a hearing on April 27, which will likely delay the date of conversion of convertible units APE to common stock.
Tesla (TSLA) shares increased after Mexico's president confirmed that the EV maker will build a new plant in Monterrey, Mexico. The Mexican president said more details will be released at Tesla's investor day, and he said the plant is expected to be "very big."
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