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US stocks, represented by Dow Jones Industrial Average and S & P 500 index, fell from record highs on Tuesday as pessimism over consumer spending and the U.S. economy was exacerbated by the pessimistic outlook of retailers, Debao and Kohl's department store, and the US China trade dispute was delayed.
President trump on Tuesday threatened to escalate the trade war by raising tariffs on Chinese exports to the United States if an agreement with Beijing is not reached.
HD. N, the largest home improvement chain in the US, fell 5.4%, the biggest drag on the S & P 500 index and the blue chip Dow, after the company cut its sales forecast for 2019 for the second time this year.
KSS. N, the department store operator, also tumbled 19.5% after the company slashed its annual profit forecast, with quarterly sales and earnings expectations lower than expected.
In recent weeks, expectations of a trade agreement between China and the United States and better than expected corporate third quarter earnings season have driven the stock market higher, with all three major stock indexes hitting record highs. The NASDAQ rose 0.24% on Tuesday, continuing its previous record run.
"The market wants to rise, but there are too many obstacles on the way," said Brad McMillan, chief investment officer of the Commonwealth financial network.
Retailers' weak forecasts come as investors focus heavily on consumer spending, which they see as key to U.S. economic growth.
"Will consumers really show up in the fourth quarter? I'm not as sure as I was a few weeks ago, "McMillan said.


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