a for lease sign at a storefront in san francisco california us on wednesday may 3 2023 this report is from todays cnbc daily open our new international markets newsletter cnbc daily open brings investors up to speed on everything they need to know no matter where they are like what you see you can subscribe here  any positive momentum stocks had on monday dissipated yesterday as downbeat economic signs weighed on indexes individual technology stocks had a good day both microsoft and nvidia hit a 52week high while alphabet jumped 26 and meta added 2 but even those largecap stocks couldnt stop the techheavy nasdaq composite from declining 02 other indexes fared badly too the sp 500 closed 064 lower and merely a day after breaking its fiveday losing streak the dow jones industrial average fell again the stock index slid 1 dropping below its 50day average for the first time since march 30 suggesting that it has further to fall both the dow and the sp were badly affected by home depots biggest miss in revenue expectations in more than 20 years and its forecast that sales will decline this fiscal year the home improvement retailer is the most impactful retailer in the priceweighted dow having almost double the weight of walmart wrote cnbcs robert hum and it has both a greater index and earnings influence in the sp 500 due to the walton familys hefty stake in walmart that reduces its weighting in the main equity benchmark home depots disappointing performance suggests that consumer demand is flagging indeed retail sales in april rose a weakerthanexpected 04 for the month according to an advanced sales report thats half of the dow jones estimate of 08 moreover the figure isnt adjusted for inflation which rose 04 in april so consumers spending just kept up with the pace of inflation cnbcs jeff cox noted target and tjx two giant retailers report earnings later today and will give a clearer picture of how the us consumer is faring in the face of persistent inflation and a tighter labor market and thats an important piece of data considering that us private consumption contributes to almost 70 of the countrys nominal gdp subscribe here to get this report sent directly to your inbox each morning before markets open