Stock market today: Live updates

Stock market today: Live updates

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Merchants work on the ground on the New York Inventory Alternate (NYSE) in New York Metropolis, U.S., February 14, 2024. 

Brendan McDermid | Reuters

The Dow Jones Industrial Average declined over 100 factors Tuesday because the market rally took one other breather, with traders looking forward to key inflation information slated for launch later this week.

The Dow fell 103 factors, or 0.3%. The S&P 500 inched up 0.1%, whereas the Nasdaq Composite added 0.4%.

Retail big Macy’s superior 3.7% after asserting it could close round 150 of its struggling shops after reporting a income miss within the prior quarter. Lowe’s gained 1.5% after posting an earnings beat. Zoom Video and Hims & Hers Health rose 6.8% and 42.8%, respectively, following earnings experiences that exceeded Wall Avenue expectations.

The market on Tuesday “actually does not have lots of course,” in accordance with Sam Stovall, chief funding strategist at CFRA Analysis. Totally different sectors “are every marching to the beat of the drummer,” he added.

These strikes observe a losing day on Wall Avenue that pulled the Dow and S&P 500 off report highs seen final week after Nvidia’s stellar earnings report.

“What’s inflicting tech, shopper discretionary, communication companies and monetary shares to do higher is that they have an inclination to do nicely in a rate of interest pause interval. Additionally, that is the place the expansion is,” Stovall mentioned. “And so I believe till the Fed begins to chop rates of interest, traders will not be going to dramatically diversify into mid- and small-cap shares — they actually wish to wait and see.”

Information from the U.S. Division of Commerce launched on Tuesday confirmed that orders for long-lasting items declined greater than anticipated in January, with the main issue being a big drop in demand for transportation.

The latest consumer confidence numbers additionally fell on worries relating to a possible labor market slowdown and polarized political panorama, in accordance with a Convention Board gauge launched Tuesday. The board’s Shopper Confidence Index declined to to 106.7, which was decrease than the downwardly revised 110.9 in January and under the Dow Jones estimate for 115.1.

These come earlier than January’s studying of the intently watched private consumption expenditure worth index, in addition to information on private revenue, slated for launch on Thursday. Traders will watch these releases for future clues into the well being of the economic system and for insights into the trail of financial coverage.

Stovall is estimating a month-over-month improve in each core and headline inflation, however a yearly decline in Thursday’s report.

“It is nearly like watching a ping pong ball drop on a desk,” Stovall mentioned.

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