Stock Market Today: Stock Market Struggles While Alibaba Shines
Tech and communication services stocks were two of the worst performers today as Treasury yields rose.


Stocks struggled to find direction Tuesday as investors took in several economic reports – including data that showed another drop in home prices.
Tech and communication services stocks were two of the biggest decliners today as Treasury yields rose, while energy and industrial stocks were the leaders.
On the economic front, the S&P CoreLogic Case-Shiller National Home Price Index showed that home prices were down 0.2% month-over-month in January, marking their seventh straight monthly decline. Year-over-year, home prices were up 3.8%, a notable slowdown from the 5.6% increase seen in December.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Meanwhile, the Conference Board said that despite the turmoil in the banking industry – including the failure of Silicon Valley Bank – its consumer confidence index rose to 104.2 in March from February's revised 103.4 reading.
"While consumers feel a bit more confident about what's ahead, they are slightly less optimistic about the current landscape," the report states. Uncertainty over jobs is on the rise, while the "latest results also reveal that their expectations of inflation over the next 12 months remains elevated – at 6.3 percent. Overall purchasing plans for appliances continued to soften while automobile purchases saw a slight increase."
In single-stock news, Alibaba Group Holdings (BABA) spiked 14.3% after the Chinese conglomerate said it is splitting into six separate units, including Digital Media and Entertainment, Taobao Tmall Commerce, and Cloud Intelligence. The divisions will each be able to raise funding and undergo an initial public offering (IPO), which will help "unlock shareholder value and foster market competitiveness," the company said. The one exception is the Taobao Tmall Commerce group, which will remain wholly owned by BABA.
As for the major indexes, the Dow Jones Industrial Average slipped 0.1% to 32,394, the S&P 500 shed 0.2% to 3,971, and the Nasdaq Composite fell 0.5% to 11,716.
Bitcoin ETFs and cryptocurrency funds to know
We don't often talk about Bitcoin, and for good enough reasons. The cryptocurrency space is risky and volatile – and typically not the most easily stomached environment for buy and hold investors looking to boost their returns over time with the best dividend stocks. That said, it is good to have an eye on what's going on in all corners of the market because so much of it is interconnected.
After a lousy run in 2022, Bitcoin and its fellow cryptocurrencies have had a strong start to the new year. (Bitcoin, specifically, is up more than 60% so far in 2023.) And that's despite turbulence in the industry. Most recently, this includes the failure of key crypto lenders Silvergate Capital and Signature Bank, as well as this week's news that crypto exchange Binance and its CEO Changpeng Zhao have been sued by the Commodity Futures Trading Commission (CFTC) for "willful evasion" of the law.
"Bitcoin is displaying such unbelievable resilience to what is happening around it, even in the crypto industry, that you have to wonder just how sustainable that can be," says Craig Erlam, senior market analyst at currency data provider OANDA.
While only time will tell which direction digital currencies are headed next, investors curious about the asset class will want to check out the top Bitcoin ETFs and cryptocurrency funds. Although many of these funds stick to stocks involved in cryptocurrency technology, a few names have more direct exposure to the coins themselves.
When Is the Next Fed Meeting?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
S&P 500 Hits New High on Jobs Friday Eve: Stock Market Today
The S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
-
New $6,000 'Senior Bonus' Deduction: What It Means for Taxpayers Over Age 65
Tax Changes If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
Dow Hits New Intraday High: Stock Market Today
Value-hunters with big stakes in a particular component kept one of the main U.S. equity indexes in positive territory.
-
What Tariffs Mean for Your Sector Exposure
New, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
-
How to Invest for a Fall Interest Rate Cut by the Fed
A lot can happen between now and then, but the probability the Fed cuts interest rates in September is back above 80%.
-
Are Buffett and Berkshire About to Bail on Kraft Heinz Stock?
Warren Buffett and Berkshire Hathaway own a lot of Kraft Heinz stock, so what happens when they decide to sell KHC?
-
How the Stock Market Performed in the First 6 Months of Trump's Second Term
Six months after President Donald Trump's inauguration, take a look at how the stock market has performed.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have Today
Berkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.