S&P 500 slides for a fourth day after consumer confidence data disappoints, Nasdaq drops 1%

The S&P 500 fell for a fourth consecutive session on Tuesday as traders weighed concerns around economic growth and global trade.

The broad market index slipped 0.47%, closing at 5,955.25. The Nasdaq Composite dropped 1.35% to end the day at 19,026.39.

 Nvidia’s 2.8% fall led the tech-heavy index’s decline, and the Nasdaq this week slipped into negative territory for the year. The Dow Jones Industrial Average

 was an outlier, advancing 159.95 points, or 0.37%, to close at 43,621.16.

The market took a leg lower after the most recent consumer confidence survey from the Conference Board came in much weaker than economists’ estimates. This follows a series of disappointing data releases last week, including lackluster manufacturing and retail sales numbers. Cautious forward guidance from Walmart added to worsening sentiment on consumer health and the economy.

“All of that comes together to call into question the underpinning of what has been the strength of the U.S. economy the last couple years, which is the consumer and the job market,” said Ross Mayfield, investment strategist at Baird Private Wealth Management.