Dow falls nearly 500 points as bear market bounce loses steam; European stocks close slightly higher as global markets struggle for direction 
U.S. stocks fell on Tuesday, erasing earlier gains as the market failed to keep its rebound from the bear-market lows going. 
The blue-chip Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99. The S&P 500 dropped 2.01% to 3,821.55, and the Nasdaq Composite was the laggard, down 3% to 11,181.54. 
The consumer confidence index fell to a reading of 98.7, down from 103.2 in May and missing a Dow Jones estimate of 100, according to The Conference Board. The weak data came as fears of a recession have increased lately as the Federal Reserve tries to combat surging inflation with aggressive rate hikes. 
Retail stocks fell after the release of the consumer confidence data. Bath & Body Works lost 5.8%. Lowe’s fell 5.2%, while Home Depot and Macy’s each lost more than 4%. The SPDR S&P Retail ETF was down by 3.7%. 
Shares of Nike fell 7% after the sportswear company issued weaker-than-expected revenue guidance for the current quarter. Nike said it sees flat to slightly up revenue for its fiscal first-quarter versus the prior year, and low double-digit revenue for 2023 on a currency-neutral basis, as it continues to manage Covid disruption in Greater China. 
Chip stocks saw big declines, with Nvidia down 5.3% and Advanced Micro Devices lower by 6.2%. Marvel fell 4.9%. Meanwhile, Qualcomm added 3.5% after an analyst predicted Apple will use its modems for the 2023 iPhone. 

The pan-European Stoxx 600 closed up by 0.2% provisionally, having initially gained 1% at the start of trading before sliding back toward the flatline. Oil and gas stocks jumped 2% to lead gains while tech shares slipped 1.5%. 
French carmaker Renault gained 2.4% after partnering with IT group Atos on data gathering in a bid to cut costs. 
In other corporate news, Carmaker Stellantis plans to begin the conversion of its Termoli plant in southern Italy into a battery-producing gigafactory in 2024, Italian unions announced on Monday. Stellantis shares gained 1%. 
Source: CNBC, Investing.com