Traders were busy at the New York Stock Exchange on February 10, 2026.
On Tuesday, stocks dropped as investors reacted to disappointing retail sales data and growing concerns about the impact of artificial intelligence on the financial industry.
The composite index decreased by 0.1%. The Nasdaq Composite went down by 0.3%, while the Dow Jones Industrial Average rose by 110 points, which is a 0.2% increase. This uptick followed a stretch where the index recorded three consecutive days at peak levels.
Retail stocks faced pressure, with shares of Costco and Walmart declining by more than 2% and 1%, respectively. This drop occurred after the latest retail sales report indicated that consumer spending remained flat in December, missing the anticipated 0.4% increase projected by economists. This comes after a 0.6% rise in November.
Investors are looking ahead to a significant jobs report due on Wednesday and the consumer price index scheduled for Friday.
Anthony Saglimbene, chief market strategist at Ameriprise Financial, remarked to CNBC, “Low- and middle-income consumers are feeling the strain from the current job market situation; their anxiety is palpable.” He noted that a weaker-than-expected jobs growth in January could exacerbate this issue.
Financial stocks took a hit on Tuesday as Altruist launched a new AI-powered tax planning tool. Shares of LPL Financial dropped by 10%, while Charles Schwab fell by 8%. Morgan Stanley saw a 3% decline.
“It seems there’s a shift toward sectors that might be less affected by AI trading,” Saglimbene noted, highlighting recent performance gains in materials and utilities sectors.
On Wall Street, there was a positive trend for the second consecutive day, with technology stocks gaining ground following a rally last Friday. The Dow Jones Industrial Average reached new highs for both intraday and closing prices, and investors are hopeful that the market can maintain these gains, particularly after last week’s selloff didn’t significantly hurt market technicals.
The S&P 500 has managed to bounce back, surpassing both the 50-day and 100-day moving averages after previously falling below those thresholds last week, which many see as a bullish sign for traders.
