Major U.S. stock indexes wiped out earlier gains and closed at their session lows on Tuesday as Big Tech stocks reversed lower, while data showing housing starts dropped sharply last month also weighed on sentiment.

The S&P 500 fell 0.9% to 4,127.83. 

Housing starts tumbled 9.5% to a seasonally adjusted annual rate of 1.569 million units last month, the Commerce Department said on Tuesday. Economists polled by Dow Jones had forecast starts falling to a rate of 1.7 million units in April.

Elsewhere, the first-quarter earnings season is wrapping up with more than 90% of the S&P 500 companies having reported their results. So far, 86% of S&P 500 companies have reported a positive EPS surprise, which would mark the highest percentage of positive earnings surprises since 2008 when FactSet began tracking this metric.
 

E-Mini Nasdaq
 

U.S. stock futures were flat in overnight trading on Tuesday ahead of more retail earnings.

The tech-heavy Nasdaq Composite erased a 0.8% gain and slid 0.6% to 13,303.64 as Apple, Amazon, Facebook and Alphabet all rolled over and fell more than 1% on the day.

Growth stocks have come under pressure lately on fears of inflation that could unravel the Federal Reserve’s easy policies.

Weighing on sentiment, housing starts fell 9.5% to a seasonally adjusted annual rate of 1.569 million units in April, the Commerce Department said. Economists expected housing starts to fall to a rate of 1.7 million units last month.

The Federal Open Market Committee publishes the minutes from its April meeting on Wednesday.
 

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for May subscription.

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for May subscription.