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 (NYSE: SPY): -1.05% or -30.97 points to 2,922.94
Dow Jones Industrial Average (NYSE: DIA): -1.59% or -390.51 points to 24,206.85
Nasdaq Composite Index (NASDAQ: QQQ): -0.54% or -49.72 points to 9,185.10
In Major Stock News, Home Depot (NYSE: HD) shares fell after the company reported weaker-than-expected quarterly profits. Moderna (NASDAQ: MRNA) shares initially fell on Tuesday after the biotech announced a secondary stock offering that would raise more than $1 billion. The company dropped more after a Stat News report criticized the effectiveness of the biotech's coronavirus vaccine candidate. Luckin Coffee (NASDAQ: LK) disclosed that the Chinese coffee-chain had received a delisting notice from the Nasdaq. Southwest (NYSE: LUV) said in a regulatory filing that flight demand is beginning to show signs of improvement. Walmart (NYSE: WMT) declined on Tuesday, despite beating Wall Street expectations for earnings as consumers rushed to stores amid pandemic.
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 (NYSE: USO) increasing 2.1% to price at $32.50 per barrel. However, the oil benchmark is still about 46% lower for its year-to-date. Brent Crude (NYSE: BNO) Crude slightly declined on Tuesday, slipping -0.46% to price at $34.65 per barrel. Gold (NYSE: GLD) prices increased with the market decline, settling at $1,747 per ounce. Finally, the U.S. Dollar (NYSE: UUP) dropped about -0.30%.
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.