US Stocks Look Headed For Weak Close
(RTTNews) - U.S. stocks are down marginally Tuesday afternoon, failing to sustain at higher levels due to lack of support.
Data showing a bigger than expected increase in retail sales in the month of September has raised concerns the Federal Reserve will keep interest rates higher for longer.
While upbeat earnings updates aid sentiment, rising Treasury yields limit market's upside.
The Dow is down 107.95 points or 0.31 percent at 33,876.59. The S&P 500 is down 15.02 points or 0.34 percent at 4,358.61, while the Nasdaq is at 13,498.61, down 69.38 points or 0.51 percent.
Microsoft, Alphabet, Amazon.com, and Apple are struggling for support due to rising bond yields.
Shares of Bank of America are up sharply thanks to strong earnings.
Nvida is down more than 3 percent, weighed down by an announcement from the Biden administration that it plans to halt shipments of advanced artificial intelligence chips to China.
Dollar Tree is up sharply following a rating upgrade of the stock by Goldman Sachs.
On the economic front, data showed U.S. retail sales advanced 0.7% month-on-month in September, following an upwardly revised 0.8% increase in August. On yearly basis, retail sales increased 3.8% in September, the highest in seven months. In August, retail sales increased by an upwardly revised 2.9%.
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