U.S. stocks were mixed Tuesday, after the Dow Jones Industrial Average and S&P 500 index traded at intraday records, as investors monitored remarks by Federal Reserve policy makers and progress toward an infrastructure spending bill in Congress, while awaiting inflation data due later this week.
What are markets doing now?
rose 124.10 points, or 0.4%, to 35,225.95.
The S&P 500
was up 8.56 points, or 0.2%, to 4,440.91.
The Nasdaq Composite
edged down 91.02 points, or 0.6%, to 14,769.15.
On Monday, the Dow industrials
fell 106.66 points, or 0.3%, to end at 35,101.85. The S&P 500 index
fell 4.17 points, or 0.1%, to finish at 4,432.35. The Nasdaq Composite Index
rose 0.2% to close at 14,860.18, or 24.42 points higher.
What’s driving the market?
Stocks were mixed though the delta variant of coronavirus and its potential impact on global economic growth remained in focus.
“Remember the big data point this week is tomorrow’s U.S. CPI number: forecast +0.4% vs +0.9% for June, while core is seen at +0.4% vs +0.9% in June. However, the jawboning we are seeing from Fed speakers already this week indicates that [Fed Chair] Jay Powell is ready to make the leap,” said Neil Wilson, chief market analyst at Markets.com, in a note to clients.
Wilson highlighted comments on Monday from Atlanta Fed President Raphael Bostic, who said conditions were ripe to begin progressing with tapering the Fed’s bond purchases.
And Boston Fed President Eric Rosengren said in an interview with the Associated Press late Monday that the central bank should announce in September that it will begin reducing its $120 billion in purchases of Treasury and mortgage bonds “this fall.”
On the fiscal front, the Senate could pass a $1 trillion infrastructure bill later Tuesday. The proposal includes $550 billion in spending on transportation, utilities and broadband internet.
U.S. small businesses confidence fell in July, after hitting the highest level since last November’s presidential election in June, according to a survey released by the National Federation of Independent Business on Tuesday.
Which companies are in focus?
Shares of AMC Entertainment Holdings
trimmed an early surge but remained up 0.9% after the movie-theater chain reported a narrower quarterly loss late Monday, and a deal with AT&T’s
Warner Bros. over showing its movies in theaters before streaming.
Casper Sleep Inc.
on Tuesday reported a second-quarter loss that widened unexpectedly from a year ago, while revenue topped forecasts, as increased raw materials, freight and labor costs hampered the mattress and bedding company’s ability to meet demand. Shares fell 17%.
What are other markets doing?
The yield on the 10-year Treasury note
rose 3.6 basis points to 1.349%. Yields and debt prices move in opposite directions.
The ICE U.S. Dollar Index
a measure of the currency against a basket of six major rivals, rose 0.2%.
Oil futures bounced, with the U.S. benchmark
up 3.3% at $68.70 a barrel after ending at a three-week low in the previous session. Gold futures
edged higher, rising 0.1% to $1,728.10 an ounce.