The S&P 500 and the Nasdaq settled lower on Tuesday as investors digested the recent economic reports.
The US trade deficit in goods shrank by 15.6% from a month ago to $83.3 billion in November, while the S&P CoreLogic Case-Shiller 20-city home price index increased by 8.6% year-over-year in October.
China, meanwhile, announced plans to scrap its COVID-19 quarantine requirements for inbound travellers, which sent the U.S. Treasury yields higher on Tuesday.
Major sectors on the S&P 500 closed on a mixed note, with energy stocks recording the biggest gain on Tuesday. However, consumer discretionary and communication services stocks were among the worst performers during the session.
The Nasdaq 100 dipped 1.48% to close at 10,822.51 on Tuesday, amid decline in shares of Amazon.com, Inc. (NASDAQ:AMZN) and Tesla Inc (NASDAQ:TSLA).
The S&P 500 fell 0.40%, while the Dow Jones rose 0.11% to 33,241.56 in the previous session. Apple Inc. (NASDAQ:AAPL) was among the worst performers in the Dow index, dropping to the lowest level since June 2021.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) gained 3.7% to 21.65 points on Tuesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.
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