The Dow Jones Industrial Average rose from session lows but still traded 0.2% lower early afternoon Tuesday. The minutes of the Nov. 1 Fed meeting are due at 2 p.m. ET.
The minutes could provide details on how much policymakers have considered further rate hikes. The Fed held the Fed funds rate unchanged at that time, and is widely expected to leave it unchanged again in December, according to the CME FedWatch Tool.
Meanwhile, existing-home sales for October of 3.79 million annualized did not meet views of 3.91 million, according to Econoday. On a monthly basis, they declined 4.1% and fell 14.6% for the year. Gold rose. The SPDR Gold Shares ETF gapped up to a buy zone from a 184.23 entry.
The S&P 500 narrowed its loss to 0.3% in the stock market today, while the Nasdaq also cut some losses and remained 0.8% lower. Technology and consumer discretionary sectors declined 0.6% to 1.1%, while health care and materials gained roughly 0.7% each.
Volume was lower on the NYSE and the Nasdaq compared with the same time on Monday. Decliners beat advancers by less than 2 to 1 on both exchanges.
The small-cap Russell 2000 suffered a 1% loss, while the Innovator IBD 50 ETF also declined 1%.
The yield on the benchmark 10-year Treasury note was flat at 4.43%.
Dow Jones Stocks
Techs weighed on the Dow in afternoon trading, but Apple, Microsoft and Salesforce remained near buy points. Cisco Systems remained below its 50-day moving average.
Verizon and Travelers Companies outperformed in the Dow industrials, up 1.1% and 2%, respectively. Health care stocks fared better as well. Merck is trying to retake the 50-day moving average but UnitedHealth Group is extended from its 50-day line. It is still in a long-term pattern.
Stocks Moving Today
Among the so-called Magnificent Seven, Tesla cleared the 50-day moving average. Google parent Alphabet rose after recently retaking that key level, and approached a buy point of 141.22 in a flat base.
Several retailers reported disappointing results. Best Buy pared some early losses but remained 0.5% lower as slow consumer demand expected for the holidays weighed on its full year outlook. The company expects Q4 comparable sales to decline based on softer sales in the third quarter and continued slowing sales trends in November. Shares have been meeting resistance at the 50-day moving average.
Comparable sales declined 5.5% in the third quarter for Kohl's but gross margins as a percentage of sales improved by 158 basis points. KSS stock dived and broke below the 200-day moving average. The stock appears to be finding support at the 50-day moving average after paring some of its steep losses. But the chart was bearish to start with after the 50-day line crossed below the 200-day line in early October.
Elsewhere in apparel retail, Abercrombie & Fitch fell more than 3% after soaring ahead of earnings. But the stock reversed and remained 1.5% lower in the afternoon. A rising 50-day line is still intact. Shares are falling despite a strong third quarter. Sales grew 20% to $1.1 billion while earnings per share soared to $1.83 from 1 cent in the prior year. ANF raised its full-year sales growth outlook to 13% at the midpoint.
Lowe's lowered its comparable sales outlook for the fourth quarter. Q3 sales declined to $20.5 billion compared with $23.5 billion in the third quarter 2022. Shares remained below a sharply declining 50-day moving average Tuesday afternoon.
Dick's Sporting Goods benefited from higher comparable sales in the third quarter due to a strong back-to-school season. The athletics and outdoor sports equipment maker raised its comparable sales and earnings outlook for the fourth quarter. Shares cut their gains by more than half in the afternoon, to 4.5%, and sank back below the 200-day moving average after trading above the line this morning.
Rating agency Moody's is breaking out past a buy point of 363.19. But volume is only 18% above average, and 350.46 was an earlier entry. Everest Group is trying to break out of a flat base with a 410.74 buy point. Volume was below average, however.
Baidu, Zoom, Analog Devices Also Report
China search giant Baidu reported earnings of $2.86 per share on revenue of $4.8 billion. Its artificial intelligence business helped the company post an impressive third quarter. The stock rose over 1.5% and is approaching the 50-day moving average.
Zoom Video Communications reported late Monday. Revenue rose 3.2%, above the company's estimates. For the fourth quarter, it expects $1.13 billion in sales compared to $1.1 billion in the prior-year quarter. Shares are retaking the 50-day line after paring some early losses.
Analog Devices fell after its fourth quarter report and dim outlook for the current quarter. Sales of $2.7 billion and earnings per share of $2.01 were lower than a year ago. Both declined for the second straight quarter. Fiscal first-quarter sales are seen at $2.5 billion with earnings per share of $1.70. ADI stock is trying to hold the 200-day line amid a mild pullback Tuesday. An entry of 200.10 is a ways off.
Keysight Technologies gave up early gains and fell 0.4%. Sales and earnings declined in the fiscal fourth quarter. For the current first quarter, the company expects sales of $1.25 billion with earnings per share of $1.56.
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