US open: Major indices retreat as traders return from President's Day break

(Sharecast News) - Major indices were in the red early on Tuesday as traders returned from yesterday's President's Day break.

As of 1520 GMT, the Dow Jones Industrial Average was down 0.34% at 49,330.74, whille the S&P 500 shed 0.76% to 6,784.37 and the Nasdaq Composite shed 1.15% to 22,287.13.

The Dow opened 170.19 points lower on Tuesday, more than reversing gains recorded in the previous session.

Tuesday's early moves come after both the Dow and the S&P 500 notched their fourth weekly decline in five, while the Nasdaq logged its longest losing streak since 2022, reflecting a continuation of last week's caution, with tech once again under pressure as investors reassessed valuations in AIexposed names. Chipmakers and cloudfocused stocks were among the early laggards, while defensive sectors such as healthcare and utilities saw modest interest.

On Tuesday's macro slate, the New York Empire State manufacturing index fell to 7.1 in February, according to the Federal Reserve Bank of New York, down from 7.7 in January but slightly ahead of forecasts of 7. New orders increased from 5.8 to 6.6, while shipments held steady. Unfilled orders rose to 9.1 from -8.2 and delivery times were slightly longer at 4 versus 0. Inventories increased somewhat, while supply availability held steady.

On another note, the National Association of Home Builders' housing market index decreased to 36 points in February, down from 37 points in January. Current sales conditions held steady at 41, while sales expectations in the next six months fell three points to 46 and traffic of prospective buyers dropped two points to 22.

In the corporate space, Warner Bros Discovery said on Tuesday that it will enter discussions with Paramount Skydance after receiving a sevenday waiver from Netflix, allowing it to examine what it described as shortcomings in Paramount's proposal to acquire the whole group. WBD currently has a pending deal with Netflix covering its streaming and studio operations, but Paramount later launched a hostile $30ashare tender offer directly to WBD investors after losing out to Netflix in an earlier bidding process.

Elsewhere, General Mills cut its full-year 2026 sales and profit outlook on Tuesday as it updated investors on its six-year-old 'Accelerate' strategy, citing weak consumer sentiment and a slower, more costly recovery in volumes than previously expected. General Mills now expects FY26 organic net sales to decline 1.5% to 2%, compared with prior guidance of down 1% to up 1%, putting it on course for a third consecutive year of sales declines. Adjusted operating profits and adjusted diluted earnings per share were forecast to fall 16% to 20% in constant currency, versus a previous expectation of a 10% to 15% decline.

Still to come, Palo Alto will report its latest quarterly figures after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $259.29 1.37%

Amgen Inc. (AMGN) $373.00 1.03%

Cisco Systems Inc. (CSCO) $77.33 0.62%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $396.77 -1.13%

Intel Corp. (INTC) $46.33 -0.98%

S&P 500 - Risers

TripAdvisor Inc. (TRIP) $10.31 7.23%

Mattel Inc. (MAT) $16.97 3.01%

Nektar Therapeutics (NKTR) $73.16 2.57%

Jack Henry & Associates Inc. (JKHY) $160.61 2.50%

United Airlines Holdings Inc (UAL) $111.86 2.35%

Zions Bancorporation (ZION) $62.50 2.02%

American Airlines Group (AAL) $14.15 1.98%

Paypal Holdings Inc (PYPL) $41.05 1.89%

CH Robinson Worldwide Inc (CHRW) $179.33 1.89%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $695.91 1.83%

S&P 500 - Fallers

Ipg Photonics Corp. (IPGP) $128.71 -16.38%

Tractor Supply Company (TSCO) $52.93 -3.82%

Synopsys Inc. (SNPS) $423.24 -3.17%

Advanced Micro Devices Inc. (AMD) $200.81 -3.14%

Intuit Inc. (INTU) $387.94 -2.87%

Autodesk Inc. (ADSK) $224.62 -2.85%

Expedia Group Inc. (EXPE) $207.24 -2.55%

Mondelez International Inc. (MDLZ) $61.12 -2.35%

Cadence Design Systems Inc. (CDNS) $292.68 -2.26%

Fortinet Inc. (FTNT) $83.85 -2.00%

Nasdaq 100 - Risers

Liberty Global plc Series C (LBTYK) $11.05 2.79%

Liberty Global plc Series A (LBTYA) $11.18 2.66%

American Airlines Group (AAL) $14.15 1.98%

Paypal Holdings Inc (PYPL) $41.05 1.89%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $695.91 1.83%

Cintas Corp. (CTAS) $196.92 1.80%

Incyte Corp. (INCY) $102.89 1.78%

Marriott International - Class A (MAR) $360.12 1.76%

Biomarin Pharmaceutical Inc. (BMRN) $60.88 1.70%

Dollar Tree Inc (DLTR) $128.18 1.68%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $3.87 -5.96%

Synopsys Inc. (SNPS) $423.24 -3.17%

Intuit Inc. (INTU) $387.94 -2.87%

Autodesk Inc. (ADSK) $224.62 -2.85%

Expedia Group Inc. (EXPE) $207.24 -2.55%

Mondelez International Inc. (MDLZ) $61.12 -2.35%

Cadence Design Systems Inc. (CDNS) $292.68 -2.26%

Tesla Inc (TSLA) $408.58 -2.12%

Micron Technology Inc. (MU) $403.58 -1.96%

Illumina Inc. (ILMN) $114.57 -1.91%