NEW YORK: US stocks fell Tuesday on the back of disappointing auto sales and a steep drop for retailers on forecasts of poor summer sales, after a similar drop on Asian and European markets.
Shares of Macy’s, Nordstrom and Kohl’s all fell six percent or more following a Bloomberg News report that cited a note by Cleveland Research that pointed to slow sales this summer.
Best Buy fell 1.8 percent, Target dropped 2.2 percent and Wal-Mart Stores slipped 0.9 percent.
Other factors in Tuesday’s broader market retreat included the drop in oil prices, analysts said.
The Dow Jones Industrial Average fell 0.5 percent to 18,313.77.
The broad-based S&P 500 fell 0.6 percent to 2,157.03, while the tech-rich Nasdaq Composite Index shed 0.9 percent to 5,137.73.
