Wall Street in the red after data on a decline in consumer confidence

US, WASHINGTON (ORDO NEWS) — Wall Street is declining Tuesday after the release of data indicating a drop in consumer confidence.

3M Co shares were up 1.53% after the U.S. maker reported quarterly earnings higher than expected amid increased production of N95 respirators.

The fall in Microsoft Corp and Amazon.com Inc put pressure on the Nasdaq. Both companies are expected to publish quarterly results later this week, along with many other technology firms.

“This will be an important test for the market, as many companies went online after the lockdown,” said Andrea Sicione of TS Lombard in London.

“If the techs sector giants fall short of expectations, then of course the rally we’ve seen in the last few weeks will be called into question.”

Recent data showed that US consumer confidence fell in April, as quarantine measures led to an economic downturn and unemployment.

By 18.22 Moscow time, the Dow Jones Industrial Average index fell by 0.01% to 24.131.45 points, the S&P 500 – by 0.18% to 2.873.37 points, and the Nasdaq Composite – by 0.95% to 8.647.33 points.

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