Stock Market Today: Stocks Slide on Ukraine Tensions
NEW YORK (TheStreet) -- U.S. stock markets were sliding Tuesday as tensions ramped up in Ukraine offsetting better-than-expected economic data.
The Dow Jones Industrial Average fell 0.9% to 16,410. The S&P 500 was falling 1.1% to 1,918. The Nasdaq was down 1% to 4,342.
Traders pointed to news reports of a buildup in Russian troops on the Ukraine border and comments from a Polish politician that said Russia is poised to invade or pressure militarily Ukraine's eastern border.
Factory orders in June rebounded by a stronger-than-expected 1.1% in June after a 0.6% decline in May. The composite index from the ISM non-manufacturing survey in July rose to a better-than-expected 58.7 from 56 in June. The final read on the Markit PMI services index for July slipped to 60.8 from the initial "flash" estimate of 61, but remained comfortably above the break-even 50 mark.
Target (TGT - Get Report) was slumping 4.3% to $58.08 after cutting its second-quarter earnings outlook, reflecting flat U.S. same-store sales, softer-than-expected sales in Canada, and data breach expenses of $111 million.
A host of companies were in the spotlight Tuesday. Media and entertainment giant Walt Disney (DIS) is expected by analysts on Tuesday to report fiscal third-quarter earnings of $1.17 a share on revenue of $12.16 billion. Shares of daily deals site Groupon (GRPN) were trading down 1.6% to $6.91 ahead of its earnings announcement. The company is expected by analysts on Tuesday to report second-quarter earnings of 1 cent a share on revenue of $761.8 million.
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