Stocks opened lower on Tuesday after data showed retail sales and producer prices came in worse than expected in March, offsetting earnings from Johnson & Johnson.
Data showed sales at U.S. retailers unexpectedly fell in March as motor vehicle and electronic good purchases declined, while producer prices fell unexpectedly for the same month and racked up the largest year-over-year decline since 1950.
On the upside, shares of healthcare group Johnson & Johnson rose after it reported better-than-expected quarterly results.
The Dow Jones industrial average fell 84.19 points, or 1.04 percent, to 7,973.62. The Standard & Poor’s 500 Index lost 10.02 points, or 1.17 percent, to 848.71. The Nasdaq Composite Index gave up 18.78 points, or 1.14 percent, at 1,634.53.