Stocks Opened Higher as Tech Shares Extended Declines
-- Tuesday, February 23, 2021, 9:44 --
U.S. stocks opened lower on Tuesday as tech stocks extended their declines. The Dow Jones Industrial Average lately fell 106.33 points, or 0.34%, to 31,415.36. The S&P 500 were off 33.81 points, or 0.87%, to 3,842.69. The Nasdaq Composite slipped 290.91 points, or 2.15%, to 13,242.14.
Oil futures on Tuesday looked to add to gains early in the week, lifted by expectations U.S. output curtailed by last week’s winter storms will be restored more slowly than initially anticipated as well as a broader rally across commodities. West Texas Intermediate crude for April delivery rose 31 cents, or 0.5%, to $62.01 a barrel. May Brent crude was up 30 cents, or 0.5%, at $64.66 a barrel.
Home price growth accelerated by the most since 2013 in December as surging demand pushes prices higher. Standard & Poor’s S&P CoreLogic Case-Shiller national home price index rose by 10.4% year-over-year in December, up from 9.5% in November and representing the fastest growth rate since 2013.
Home Depot declines to provide guidance, though 4Q sales easily top estimates. Comparable sales soared 24.5% in the fourth quarter, surging over last year’s 5.2% growth rate and topping estimates for 19.1% growth. Earnings of $2.65 per share also grew over the $2.28 posted last year.