Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, February 14, 2024.
Brendan McDiarmid | Reuters
Stocks steadied on Tuesday as the market rally took another breather, with investors looking forward to key data scheduled for release later this week.
the Standard & Poor's 500 It was marginally higher, instead Dow Jones Industrial Average It fell 117 points, or 0.3%. the Nasdaq Composite He added 0.1%.
Retail giant Messi It advanced more than 4% after announcing it would close about 150 of its struggling stores after reporting a loss of revenue in the previous quarter. Louie Gained more than 3% after posting earnings. Zoom in on the video And Himes and hers health rose 8% and 16%, respectively, after earnings reports that beat Wall Street expectations.
The moves come on the heels of a losing day on Wall Street that led to a price pullback Dao And Standard & Poor's 500 One of the highest record levels we saw last week.
“It's kind of a hold pattern day,” Ross Mayfield, an investment strategist at Baird, said of Monday's session. “You absorb a lot of what happened last week with big profits, and then you have big data on the horizon.”
Data from the US Commerce Department released on Tuesday showed that durable goods orders fell more than expected in January, with the main factor being a significant decline in transportation demand. Investors are also awaiting the release of more economic data on housing and consumer confidence later Tuesday morning.
The data comes ahead of January's reading of the closely watched Personal Consumer Expenditure Price Index, as well as personal income data, due to be published on Thursday. Investors will watch these releases for future clues about the health of the economy and to learn about the path of monetary policy.
“Personal consumption expenditures have the potential to be a huge catalyst in either direction,” Mayfield said. “Personal consumption expenditures are, by far, the biggest thing to watch.”
