Dow Bounces, NASDAQ Stalls over Fed Suspense
Stock were mixed Tuesday as new earnings from major retailers began to roll in, while traders looked ahead to a key speech from Federal Reserve Chair Jerome Powell later in the week.
The Dow Jones Industrial Average hiked 222.68 points to 45,134.50.
The S&P 500 index inched ahead 4.97 points to 6,454.12.
The NASDAQ weakened 85.09 points to 21,543.78.
Home Depot shares rose 2% after the home improvement giant maintained its full-year outlook. To be sure, its second-quarter earnings came in below expectations. Lowe’s, Walmart and Target are on deck for later this week.
Investors have awaited these reports as they search for clues on how the consumer is faring amid a mixed inflation outlook and evolving U.S. trade policy.
Wall Street is also looking for clues from Powell as to what will happen at the central bank’s remaining policy meetings this year. Central bank officials from around the globe will convene this week in Jackson Hole, Wyoming for the Fed’s annual economic symposium.
The fed funds futures market is indicating an 83% chance for a quarter-point rate cut at the Fed’s next policy meeting in September.
Prices for 10-year Treasury gained ground Tuesday, lowering yields to 4.31% from Monday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices gave up 80 cents to $62.62 U.S. a barrel.
Gold prices advanced 80 cents at $3,378.80 U.S. an ounce.
