Investing.com -- U.S. stocks were falling on Tuesday after retailer Home Depot gave a weaker than expected forecast and April retail sales data showed consumers are feeling crunched.
The National Association of Home Builders said its housing market index ticked up to 50 in May from 45 in the prior reading. But shares of home improvement retailer The Home Depot, Inc. (NYSE: HD ) were down 2% after lowering its forecast for sales this year. The report also hit shares of retailer Lowe's Companies, Inc. (NYSE: LOW ) and Walmart Inc. (NYSE: WMT ), down 2.3% and 0.4%, respectively.
Investors are worried about ongoing negotiations in Washington over the nation’s debt ceiling, which needs to be raised or suspended within weeks, or the U.S. risks defaulting on paying its obligations. Lawmakers are headed to the White House later today to continue to hammer out differences.
The Federal Reserve is heading into its next meeting in June with a set of data showing the economy is cooling, though inflation still remains well above its 2% target rate. Futures traders are expecting the Fed to pause its interest rate increases in June, and possibly begin cutting rates later this year.
Shares of Horizon Therapeutics PLC (NASDAQ: HZNP ) are down 15% on expectations the Federal Trade Commission will sue to block its deal to be acquired by Amgen. Shares of Amgen Inc. (NASDAQ: AMGN ) fell 0.8%.
Tesla, Inc. (NASDAQ: TSLA ) shares are inching 0.6% higher after billionaire George Soros’ fund disclosed it no longer holds a stake in the electric vehicle maker. Tesla is holding its annual shareholder meeting later today.
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