Stocks are slipping
Investing.com
Stocks traded lower on Tuesday morning in New York.
Near 2:24 p.m. ET, the Dow was down 206 points (1.17%), the S&P 500 was down 22 points (1.09%) and the Nasdaq was down 59 points (1.25%).
The S&P 500 fell back into the red for the year.
In Fedspeak, Atlanta Fed president Dennis Lockart and San Francisco Fed president John Williams both said they would not rule out a June rate hike.
Stocks rallied with crude oil on Monday, lifting the indexes back above the lowest levels in a month — where they settled last week.
Crude oil prices continued to climb early on Tuesday. West Texas Intermediate crude futures rose to as high as $48.42 per barrel, a new seven-month high. Brent crude, the international benchmark, rose to as high as $49.47.
Oil has been supported lately by news of supply disruptions in Nigeria, which was recently dethroned by Angola as Africa's largest producer. Also, Goldman Sachs analysts said in a note Sunday that the imbalance of supply and demand is shifting towards demand faster than they expected.
The economic data out earlier today was better than expected. The consumer price index jumped 0.4% in April, the biggest gain since February 2013. The gasoline index surged 8.1%, although it's still down 13.8% year-on-year.
Core CPI, which excludes food and energy costs for their volatility, rose 0.2% month-on-month and 2.1% year-on-year.
Housing starts climbed more than expected, by 3.3% to 1.172 million in April. Building permits rose 3.6% to 1.135 million, missing expectations.
And finally, industrial production rose 0.7%, topping forecasts and coming in positive for the second time since last September. Capacity utilization was at 75.4% in April, down from 74.9% in the prior month.
Home Depot once again surprised with its earnings, thanks to rising home prices and mild weather. The company earned $1.44 per share ($1.33 expected) and revenues of $22.76 billion ($22.32 billion expected).
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