U.S. stocks declined on Tuesday, thereby wrapping up a volatile month of trading in February. This comes after all three New York indexes edged higher on Monday to rebound from the largest weekly loss of the year.
The S&P 500 declined by 0.3% on Tuesday, while the Nasdaq Composite Index edged lower by 0.2%. The Dow Jones Industrial Average incurred a 0.4% fall. The benchmark 10-year U.S. Treasury note gained 3.97%.
Oil embarked on a rise on Tuesday, with the U.S. benchmark WTI crude oil trading at $77.77 per barrel. In contrast, the dollar index traded lower at $104.55.
According to new economic data that was released this week, retail inventories excluding auto are higher by 0.3%, thus exceeding estimates of a 0.1% growth. Wholesale inventories declined by 0.4%, thus lower than estimates of a 0.1% drop.
Going into the new month, investors remain focused on changes to the retail sector. Target’s better-than-expected quarterly earnings report indicated a movement toward essential purchases, with consumers moving away from discretionary categories as a result. This comes as high inflation persists.