MARKET SNAPSHOT: U.S. Stocks Under Pressure After November Consumer Confidence Dips

By Anora Mahmudova and Sara Sjolin, MarketWatch 3Q GDP revised upwards

NEW YORK (MarketWatch) -- After a positive start to the day, U.S. stocks came under pressure amid a mixed bag of economic reports on Tuesday, highlighted by a report that showed consumer confidence dipping in November.

The S&P 500 and Dow Jones Industrial Average opened above their previous record levels on Tuesday, helped by a surprise upward revision to third-quarter GDP report, but gains soon faded.

The S&P 500 (SPX) was flat after earlier setting a new intraday high. The Dow Jones Industrial Average (DJI) moved lower.

The Nasdaq Composite (RIXF) and Russell 2000 (RUT) were flat.

Economic data: The revised GDP report showed that the economy expanded even faster than previously reported; however, analysts warned that the growth rate is likely unsustainable.

Weighing on sentiment was a surprise dip in consumer confidence index in November, as consumers were less optimistic about both current and upcoming conditions.

U.S. home prices were just about unchanged in September, as annual growth cooled to the slowest year-over-year pace in two years, moving the market closer to sustainable gains, according to data released Tuesday.

Stocks to watch: Tiffany & Co. (TIF) shares jumped after the luxury jeweler said sales rose in the most recent period as its biggest market, the Americas, posted robust growth, although the results fell below analysts' expectations as the company's Japan and Asia-Pacific markets delivered weaker performances.

Shares of TJX Companies (TJX) rose after its rating was lifted to overweight from neutral by J.P.Morgan.

Netflix, Inc. (NFLX) shares dropped after analysts at Stifel Nicolaus cut the rating of the stock to hold from buy.

Hormel Foods Corp (HRL) shares fell, after quarterly profit fell a penny shy of expectations, even though sales topped estimates. The processed foods company said sales in its key refrigerated foods and Jennie-O Turkey Store segments helped offset a slowdown in its specialty and grocery products segment in the fourth quarter.

Other markets: European stock markets climbed after GDP data from Germany confirmed Europe's largest economy dodged falling into a technical recession in the third quarter. Asia stocks closed mixed.

Oil futures (CLF5) advanced and gold prices (GCZ4) slipped after the GDP data. The dollar (DXY)(USDJPY) moved slightly lower against the yen.

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