The US share market finished session mixed after bouncing back and forth across the unchanged line on Tuesday, 27 February 2024, as investors opted cautious stance ahead of crucial inflation and other macro economic data schedule to release this week.
At closing bell, the Dow Jones Industrial Average index declined 96.82 points, or 0.25%, to 38,972.41. The S&P500 index rose 8.65 points, or 0.17%, to 5,078.18. The tech-heavy Nasdaq Composite index was up 59.05 points, or 0.37%, to 16,035.30.
Total 8 of the 11 major S&P 500 sectors advanced, with utilities and communication services sectors being top performers, rising 1.9% and 1.03%, respectively, while energy sector was bottom performer, falling 0.43%.
As corporate earnings season winds down, investors refocused on economic data and the likely path of U.S. rates. Theres a raft of economic releases on deck, including January wholesale inventories on Wednesday. Consumer spending and PCE numbers will come out on Thursday.
On Monday, Kansas City Federal Reserve Bank President Jeffrey Schmid used a debut speech on policy to signal that he remains focused on the threat of high inflation and is in no rush to cut rates. In addition, Fed Governor Michelle Bowman on Tuesday indicated she is in no hurry to cut rates, given upside risks to inflation that could stall progress or even cause price pressures to resurge.
Crypto-linked stocks such as Coinbase, Marathon Digital and Riot Platforms added between 3.3% and 8.6% as bitcoin rose on signs big players buying the cryptocurrency.
ECONOMIC NEWS: The Commerce Department released report on Tuesday, showing durable goods orders plunged by 6.1% in January after falling by a revised 0.3% in December. Excluding a steep drop in orders for transportation equipment, durable goods orders dipped by 0.3% in January after edging down by 0.1% in December.
Meanwhile, the Conference Board released a report showing consumer confidence index slid to 106.7 in February from a downwardly revised 110.9 in January.
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First Published: Feb 28 2024 | 8:17 AM IST
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