Stocks opened slightly lower Tuesday morning, indicating Wall Street was taking a breather from the regular session’s monster rally, after a trifecta of good news propelled the Dow and S&P 500 Index to their best day in over a month.

Declines in shares of Home Depot weighed on the Dow, after the home-improvement giant reported weaker than expected quarterly profit. This outweighed a jump in shares of Walmart, which beat expectations for quarterly results after consumers flocked to the company’s grocery and home-goods delivery and pick-up services during the pandemic.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tuesday’s declines came on the heels of a surge in equities Monday, which sen the S&amp;P 500 to its highest close in more than two months. Moderna’s (MRNA) success with a potential coronavirus vaccine converged with more states reopening and the Federal Reserve pledging more support for the recovery to boost blue-chips and tech stocks.” data-reactid=”18″>Tuesday’s declines came on the heels of a surge in equities Monday, which sen the S&P 500 to its highest close in more than two months. Moderna’s (MRNA) success with a potential coronavirus vaccine converged with more states reopening and the Federal Reserve pledging more support for the recovery to boost blue-chips and tech stocks.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data.” data-reactid=”19″>States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Elsewhere, traders have decided not to fight the Federal Reserve, which insists it still has the ammunition to backstop the economy, even as it’s already pledged trillions at the market to contain the coronavirus fallout. Federal Reserve Chairman Jerome Powell said the central bank can still do more to soften the economic blow of the coronavirus pandemic,&nbsp;telling CBS’s 60 Minutes&nbsp;that a recovery is possible in the second half of the year.” data-reactid=”20″>Elsewhere, traders have decided not to fight the Federal Reserve, which insists it still has the ammunition to backstop the economy, even as it’s already pledged trillions at the market to contain the coronavirus fallout. Federal Reserve Chairman Jerome Powell said the central bank can still do more to soften the economic blow of the coronavirus pandemic, telling CBS’s 60 Minutes that a recovery is possible in the second half of the year.

“There’s a lot more we can do,” Powell said. “We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The brisk rally that’s carried stocks off March’s multi-year lows has made some analysts nervous that investors are being too optimistic, given that there’s neither an approved coronavirus treatment or vaccine on the immediate horizon.” data-reactid=”22″>The brisk rally that’s carried stocks off March’s multi-year lows has made some analysts nervous that investors are being too optimistic, given that there’s neither an approved coronavirus treatment or vaccine on the immediate horizon.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The plunge in consumer spending has been amplified by the unprecedented loss of jobs, highlighted by the latest report on initial unemployment claims, which on Thursday showed a greater than expected 2.981 million Americans filed for first-time unemployment benefits last week. This brought the total number of new claims filed since the week ended March 20 to a staggering 36.5 million.” data-reactid=”23″>The plunge in consumer spending has been amplified by the unprecedented loss of jobs, highlighted by the latest report on initial unemployment claims, which on Thursday showed a greater than expected 2.981 million Americans filed for first-time unemployment benefits last week. This brought the total number of new claims filed since the week ended March 20 to a staggering 36.5 million.

9:31 a.m. ET: Stocks open slightly lower after weak economic data, mixed earnings

Here were the main moves in markets, as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): -7.77 points (-0.26%) to 2,946.14

  • Dow (^DJI): -76.82 points (-0.31%) to 23,520.55

  • Nasdaq (^IXIC): -9.11 points (-0.1%) to 9,228.85

  • Crude (CL=F): +$1.18 (+3.71%) to $33.00 a barrel

  • Gold (GC=F): +$3.90 (+0.22%) to $1,738.30 per ounce

  • 10-year Treasury (^TNX): -1.3 bps to yield 0.729%

8:30 a.m. ET: Housing starts hit lowest level since 2015 in April

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Housing starts tumbled more than expected in April, signaling a persistently tough housing market amid the coronavirus pandemic.” data-reactid=”36″>Housing starts tumbled more than expected in April, signaling a persistently tough housing market amid the coronavirus pandemic.

New housing starts fell by 30.2% over March to a seasonally adjusted annual rate of 891,000, or the lowest level since February 2015. Consensus economists had expected housing starts to drop by 26% to 900,000. March’s starts were revised up to 1.276 million, constituting an 18.6% decline over the prior month.

Building permits, which serve as a proxy for future home-building, also fell in April over March, but at a slower pace than expected. These dropped 20.8% to a seasonally adjusted annual rate of 1.074 million, versus a drop of nearly 26% to 1 million expected. This extended a 5.7% month-over-month decline in building permits in March.

7:43 a.m. ET: Stock futures hug the flat line, paring earlier losses after mixed earnings

Here were the main moves in markets, as of 7:43 a.m. ET Tuesday:

  • S&P 500 futures (ES=F): down 3.25 points, or 0.11%, to 2,944.75

  • Dow futures (YM=F): up 8 points, or 0.03%, to 24,515.00

  • Nasdaq futures (NQ=F): up 11.25 points, or 0.12%, to 9,336.75

7:33 a.m. ET: Home Depot delivers weak profit growth despite strong sales, suspends full-year guidance

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Home Depot (HD) reported stronger than expected quarterly comparable sales growth, with this metric rising 6.4% versus 4.5% expected.” data-reactid=”48″>Home Depot (HD) reported stronger than expected quarterly comparable sales growth, with this metric rising 6.4% versus 4.5% expected.

However, the home improvement giant’s bottom-line results missed expectations, with earnings per share of $2.08 short of estimates by 17 cents, and EBITDA falling about 11% over last year. This came as Home Depot incurred pre-tax expenses of about $850 million to roll out coronavirus-related new measures to support associates, including adding additional paid time off and weekly bonuses for hourly workers in stores and distribution centers.

Home Depot also joined a host of other companies in withdrawing its full-year guidance, citing a lack of visibility due to the coronavirus.

“While sales trends were strong at the end of the first quarter and into the first two weeks of the second quarter, as a result of the uncertainty related to the duration of Covid-19 and its impact on the broader economy, the Company is suspending its previously communicated fiscal 2020 guidance,” the company said in a statement.

7:23 a.m. ET: Walmart posts better than expected Q1 sales, profit; stock nears record high

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Walmart (WMT) posted first-quarter results that topped consensus expectations on both the top and bottom lines, as the retailer benefited from a consumer run on home goods sparked during the coronavirus pandemic.” data-reactid=”58″>Walmart (WMT) posted first-quarter results that topped consensus expectations on both the top and bottom lines, as the retailer benefited from a consumer run on home goods sparked during the coronavirus pandemic.

Adjusted earnings per share of $1.18 on revenue of $134.6 billion each beat estimates, which were for adjusted EPS of $1.12 and sales of $132.48 billion. U.S. comparable same-store sales, excluding gas, grew 10%, or better than the 8.6% rise expected.

E-commerce sales surged 74% during the first-quarter, with both online grocery pickup and delivery services contributing to the gain.

Shares of Walmart jumped about 5% to about $134 per share shortly after reporting results. The gains, if held into the regular session, would mark a fresh record high for the stock.

7:09 a.m. ET Tuesday: Stock futures slip, indicating lower open

Here were the main moves in markets, as of 7:11 a.m. ET Tuesday:

  • S&P 500 futures (ES=F): down 11.5 points, or 0.39%, to 2,936.50

  • Dow futures (YM=F): down 90 points, or 0.37%, to 24,417.00

  • Nasdaq futures (NQ=F): down 12.25 points, or 0.13%, to 9,313.25

  • Crude (CL=F): +$0.77 (+2.42%) to $32.59 a barrel

  • Gold (GC=F): +$2.40 (+0.14%) to $1,736.80 per ounce

  • 10-year Treasury (^TNX): -2.3 bps to yield 0.719%

6:00 p.m. ET Monday: Stock futures flatten after big rally

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:15 p.m. ET:

  • S&P 500 futures (ES=F): 2,946.00, off -2.00 (-0.07%)

  • Dow futures (YM=F): 24,507.00, flat

  • Nasdaq futures (NQ=F): 9,332.50+7.00 (+0.08%)

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