Stocks continued to decline on Tuesday as traders looked ahead towards key economic data due out later this week. The Dow Jones Industrial Average slipped over 150 points, while the S&P 500 Index and Nasdaq Composite lost about 0.3% each.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -0.30% or -17.94 points to 6,034.91

Dow Jones Industrial Average (DIA  ): -0.35% or -154.10 points to 44,247.83

Nasdaq Composite Index (QQQ  ): -0.25% or -49.45 points to 19,68724

In Economic News:

Small Business Sentiment rose to its highest level in over three years last month, the National Federation of Independent Business (NFIB) reported Tuesday, as the results of the U.S. presidential election boosted economic optimism.

The NFIB Small Business Optimism Index increased to 101.7 in November, rising 8 points from October's print and marking the best reading since June 2021. Beneath the headline, the share of businesses expecting a stronger economy rose 41 points from October to 36%, its highest reading since June 2020.

"The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners," said Bill Dunkelberg, chief economist at NFIB, in a statement. "Owners are particularly hopeful for tax and regulation policies that favor strong economic growth as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations."

On the Earnings Front:

Oracle (ORCL  ) shares came under pressure on Tuesday after the database software company reported disappointing fiscal second-quarter earnings, pulling the stock down to its worst day of 2024. The company also issued lackluster forward guidance, expecting current quarter revenue growth between 7% to 9%, representing about $14.3 billion at the midpoint of the range which is below analyst expectations. Oracle also expects adjusted earnings between $1.50 to $1.54 per share, also below analyst estimates.

"Oracle Cloud Infrastructure trains several of the world's most important generative AI models because we are faster and less expensive than other clouds," Oracle founder Larry Ellison said in a statement, comparing its model's to those offered by Amazon (AMZN  ), Microsoft (MSFT  ) and Google (GOOG  ) (GOOGL  ).

Alaska Air Group (ALK  ) shares rose higher on Tuesday after the airline raised its fourth-quarter earnings forecast and announced a $1 billion stock buyback program. The company now expects earnings between $0.40 and $0.50 per share, up from its prior guidance of $0.20 to $0.40 per share. Alaska also is launching new nonstop flights to Japan and Korea next year as part of its effort to deliver $1 billion in profit by 2027.

In the News:

Kroger (KR  ) shares jumped while Albertsons (ACI  ) shares dipped lower after a U.S. judge blocked the companies' planned $25 billion merger on Tuesday, arguing that the combined company would reduce competition and lead to higher prices for consumers.

For Wednesday:

Market participants will turn their attention towards November's consumer price index (CPI) reading, which is one of the last key inflation readings ahead of the Federal Reserve's final monetary policy decision of the year later this month.