Stocks fell on Tuesday as investors focused on Treasure Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell's joint testimony before the Senate Banking Committee. Both men reiterated previously given statements before lawmakers, with talking points not swaying the market too much. Mnuchin said that the government is "fully prepared to take losses" from coronavirus related business bailouts, while Powell praised that the coronavirus response has been "the biggest response by Congress ever" alongside "the fastest and biggest" response of the Federal Reserve.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, Home Depot
In Stock Sector News, every sector lost some gains from Monday as they declined with the broader market during Tuesday's session. The performance decreases were as follows: Energy -2.89%, Financials -2.52%, Real Estate -1.85%, Consumer Staples -1.75%, Utilities -1.70%, Industrials -1.28%, Health Care -1.21%, Materials -1.00%, Communication Services -0.41%, Information Technology -0.40% and Consumer Discretionary -0.09%.
In Commodity and Currency News, Crude July futures settled at a two-month high on Tuesday, with the West Texas Intermediate
As the market moves into the mid-week, investors will continue to watch news surrounding economic damage and coronavirus updates. The Federal Reserve is also slated to release FOMC minutes.