US Stocks Decline as S&P 500 Ends Six-Session Winning Streak Amidst Rising Yields

Market Performance and Key Indices

• 📉 US stocks closed lower on Tuesday, with the Dow, S&P 500, and Nasdaq all experiencing declines.
• 🎯 The S&P 500 ended a six-session streak of gains, marking a pause in its upward momentum.
• 📈 The Nasdaq slipped after two previous sessions of gains, while the Dow fell after a three-session win streak.

Economic Data and Market Sentiment

• 📊 Hard economic data remains strong, with CPI at 2.3%, PCE at 2.6%, wage growth at 3.8%, and jobs at 177,000.
• 💰 Consumer spending is at record dollars, which is considered positive for future earnings.
• ⚠️ Despite strong data, earnings growth projections for 2025 were cut in half from 13% to 7%, creating a mixed sentiment.

Stocks in Focus

• 🏠 Home Depot edged lower, reversing early gains despite reporting first-quarter sales that beat Wall Street estimates.
• 🚗 Tesla shares rose slightly after CEO Elon Musk reaffirmed his commitment to the role for the next five years.
• 🍎 Every other Magnificent 7 stock fell, including Apple, Amazon, and Nvidia, with Nvidia set to report its quarterly earnings next week.