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Wall Street closed slightly higher on Tuesday, led by tech stocks. Investors remained hopeful that upcoming economic data releases would broaden the path to interest rate cuts. Two of the three most widely followed indexes closed the session in the green, while one remained virtually unchanged.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 9.98 points, or less than 0.1%, to close at 41,250.50. Fifteen components of the 30-stock index ended in positive territory, while the other 15 ended in negative.
The tech-heavy Nasdaq Composite added 29.06 points, or 0.2%, to close at 17,754.82.
The S&P 500 gained 8.96 points, or 0.2%, to close at 5,625.80. Seven of the 11 broad sectors of the benchmark index closed in the green. The Technology Select Sector SPDR (XLK), the Financials Select Sector SPDR (XLF) and the Real Estate Select Sector SPDR (XLRE) increased 0.6%, 0.5% and 0.3%, respectively, while the Utilities Select Sector SPDR (XLU) declined 0.8%.
The fear-gauge CBOE Volatility Index (VIX) decreased 4.5% to 15.43. A total of 8.6 billion shares were traded on Tuesday, lower than the last 20-session average of 11.9 billion. Decliners outnumbered advancers by a 1.1-to-1 ratio on the S&P 500.
Investors Await NVIDIA Earnings and PCE Report
The focus continues to be on NVIDIA Corporation’s (NVDA - Free Report) upcoming quarterly earnings call. After sliding more than 2% on Monday, the chipmaking giant’s shares recovered on Tuesday, rising 1.5% and carrying the tech sector with it.
There continue to be some worries that anything short of an outstanding outlook from the company’s Wednesday quarterly earnings release can weigh on its fortunes. The size of the company and its pre-eminence in the topic of AI optimism since the beginning of 2023 ensures that market participants will look forward to NVDA’s earnings.
Investors also have their eyes set on the Friday release of the Fed’s favorite inflation metric, the Personal Consumption Expenditure (PCE) index for July. The central bank recently sent clear signals that it is on the verge of a series of interest rate cuts. The optimism surrounding the Fed’s anticipated monetary policy moves helped the markets recover somewhat from the previous session’s woes.
Per S&P Global data, Case-Shiller home prices for 10 City-Composite increased 0.6% in June after rising 1.1% in May. The index for 20 City-Composite also increased 0.6% in June compared with 1% growth in May.
The Conference Board reported that Consumer Confidence for August came in at 103.3 against the consensus of 101 for the period. The number for July was revised up to 101.9 from the previously reported 100.3.
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Stock Market News for Aug 28, 2024
Wall Street closed slightly higher on Tuesday, led by tech stocks. Investors remained hopeful that upcoming economic data releases would broaden the path to interest rate cuts. Two of the three most widely followed indexes closed the session in the green, while one remained virtually unchanged.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 9.98 points, or less than 0.1%, to close at 41,250.50. Fifteen components of the 30-stock index ended in positive territory, while the other 15 ended in negative.
The tech-heavy Nasdaq Composite added 29.06 points, or 0.2%, to close at 17,754.82.
The S&P 500 gained 8.96 points, or 0.2%, to close at 5,625.80. Seven of the 11 broad sectors of the benchmark index closed in the green. The Technology Select Sector SPDR (XLK), the Financials Select Sector SPDR (XLF) and the Real Estate Select Sector SPDR (XLRE) increased 0.6%, 0.5% and 0.3%, respectively, while the Utilities Select Sector SPDR (XLU) declined 0.8%.
The fear-gauge CBOE Volatility Index (VIX) decreased 4.5% to 15.43. A total of 8.6 billion shares were traded on Tuesday, lower than the last 20-session average of 11.9 billion. Decliners outnumbered advancers by a 1.1-to-1 ratio on the S&P 500.
Investors Await NVIDIA Earnings and PCE Report
The focus continues to be on NVIDIA Corporation’s (NVDA - Free Report) upcoming quarterly earnings call. After sliding more than 2% on Monday, the chipmaking giant’s shares recovered on Tuesday, rising 1.5% and carrying the tech sector with it.
There continue to be some worries that anything short of an outstanding outlook from the company’s Wednesday quarterly earnings release can weigh on its fortunes. The size of the company and its pre-eminence in the topic of AI optimism since the beginning of 2023 ensures that market participants will look forward to NVDA’s earnings.
Investors also have their eyes set on the Friday release of the Fed’s favorite inflation metric, the Personal Consumption Expenditure (PCE) index for July. The central bank recently sent clear signals that it is on the verge of a series of interest rate cuts. The optimism surrounding the Fed’s anticipated monetary policy moves helped the markets recover somewhat from the previous session’s woes.
Shares of QUALCOMM Incorporated (QCOM - Free Report) and Booking Holdings Inc. (BKNG - Free Report) gained 2.6% and 2.2%, respectively. Both currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
Per S&P Global data, Case-Shiller home prices for 10 City-Composite increased 0.6% in June after rising 1.1% in May. The index for 20 City-Composite also increased 0.6% in June compared with 1% growth in May.
The Conference Board reported that Consumer Confidence for August came in at 103.3 against the consensus of 101 for the period. The number for July was revised up to 101.9 from the previously reported 100.3.