,The Dow Jones Industrial Average .DJI fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 .SPX lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite .IXIC dropped 343.01 points, or 2.98%, to 11,181.54. (File pic shows the Iconic 'Fearless Girl" at Wall Street)Wall Street NYSE fearless girltelegram中文群组导航（www.tel8.vip）是一个Telegram群组分享平台，telegram中文群组导航包括telegram中文群组导航、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。telegram中文群组导航为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
NEW YORK: Wall Street closed sharply lower in a broad sell-off on Tuesday as dire consumer confidence data dampened investor optimi *** and fueled worries over recession and the looming earnings season.
The S&P and the Nasdaq fell about 2% and 3% respectively, with Apple Inc AAPL.O, Microsoft Corp MSFT.O and Amazon.com AMZN.O weighing the heaviest. The blue-chip Dow shed about 1.6%.
"Markets were fine today until the consumer confidence number came out," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "It was weak and markets immediately began selling off."
With the end of the month and the second quarter two days away, the benchmark S&P 500 is on track for its biggest first-half percentage drop since 1970.
All three indexes are on course to notch two straight quarterly declines for the first time since 2015.
"At some point this aggressive selling is going to dissipate but it doesn't seem like it's going to be anytime soon," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.
Data released on Tuesday morning showed the Conference Board's consumer confidence index dropping to the lowest it has been since February 2021, with near-term expectations reaching its most pessimistic level in nearly a decade.
The growing gap between the Conference Board's "current situation" and "expectations" components have widened to levels that often precede recession:
The Dow Jones Industrial Average .DJI fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 .SPX lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite .IXIC dropped 343.01 points, or 2.98%, to 11,181.54.
Ten of the 11 major sectors in the S&P 500 ended the session in negative territory, with consumer discretionary .SPLRCD suffering the largest percentage loss. Energy .SPNY was the sole gainer, benefiting from rising crude prices CLc1. O/R
With few market catalysts and market participants gearing up for the July Fourth holiday weekend, the day's sell-off cannot be blamed entirely on the Consumer Confidence report, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota.
"It’s hard to attribute (market volatility) to one economic data point with so much noise around portfolio rebalancing at quarter-end," Hainlin said.
"There’s not a lot of new information out there and yet you see this volatile stock environment," he said, adding that there will not be much new information until companies start earnings.