U.S. stocks closed narrowly lower Tuesday, extending losses for a fourth straight day. Tuesday’s losses were driven by the telecommunications sector, while the consumer goods and services sector was the biggest gainer.
The Dow Jones Industrial Average (INDEXDJX:.DJI) dipped 2.51 points, or 0.01 percent, to close at 17,764.04. Meanwhile, the Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) added just 0.87 points, or 0.04 percent, to end at 2,080.15. The Nasdaq composite (INDEXSP:.INX) fell 7.76 points, or 0.15 percent, to finish at 5,013.87.
Walt Disney Co. (NYSE:DIS) and McDonald's Corporation (NYSE:MCD) were the biggest laggards in the Dow Tuesday, losing 0.7 percent and 0.6 percent respectively. Meanwhile, Dow component Apple dipped 0.3 percent to close at $127.42 after briefly falling below its 50-day moving average.
Consumer packaged goods company Procter & Gamble Co. (NYSE:PG) was the largest gainer in the blue-chip Dow Tuesday, adding 1.5 percent to close at $78.90. The gains come a day after a report that German-based company Henkel AG & Co KGaA and cosmetics company Coty Inc. made binding offers to buy separate parts of Procter & Gamble’s beauty businesses, valued up to a total of $12 billion. Reuters had the story in an exclusive report, citing people familiar with the matter. Both of the companies have personal care and cosmetics businesses.
Shares of Procter & Gamble, which makes Pampers diapers and Bounty paper towels, have dipped 1.4 percent in the last 12 months.
Shares of Etsy Inc. (NASDAQ:ETSY) gained more than 7 percent to close at $16.01 Tuesday after Tiger Global Management LLC announced it has taken a 6 percent stake in the online crafts marketplace. The firm has also recently taken stakes in Priceline Group Inc., Kate Spade & Co. and JD.com.
However, shares of Etsy, which has a market value of $1.7 billion, have lost nearly half of their value since the Brooklyn-based e-commerce platform for handmade and vintage goods went public in an initial public offering in April. Shares opened for trading on April 16 at $31, more than doubling its initial pricing of $16 per share and rising as high as $35.74. Since then, the stock has lost about 47 percent.
Shares of Lululemon Athletica Inc. (NASDAQ:LULU) jumped nearly 11 percent Tuesday to close at $68.27 after the athletic apparel retailer’s first-quarter earnings beat Wall Street estimates, despite inventory delays due to the West Coast port disputes. The Canadian company also boosted its earnings and revenue forecasts for the year, signaling to investors that it's regaining momentum following a recall of too sheer yoga pants in 2013.
Shares of Lululemon Athletica, which has a market capitalization of $9 billion, have gained more than 50 percent in the last 12 months.