Dismal forecasts from retailers Home Depot and Kohl’s drag down the Dow and S&P 500
fell from record levels on Tuesday as dour forecasts from retailers Home Depot and Kohl's fueled worries about consumer spending and the U.S.-China trade dispute dragged on.
Home Depot Inc fell 5.4% and was the top drag on the benchmark S&P 500 and the blue-chip Dow after the No.1 U.S. home improvement chain cut its 2019 sales forecast for the second time this year. Expectations of a U.S.-China trade deal and a largely better-than-expected third-quarter corporate earnings season had fueled an equities rally in recent weeks that helped all three indexes set record highs. Nasdaq barely extended its record on Tuesday with a 0.24% gain.
The weak retailer forecasts came as investors are laser focused on consumer spending as the key to U.S. economic growth.
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