U.S. stocks closed mostly higher on Tuesday, with the S&P 500 and Nasdaq recording their second straight day of gains as investors looked forward to the August consumer price index (CPI) report scheduled for release on Wednesday. The Dow ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 0.2% or 92.63 points, to finish at 40,736.96 points.
The S&P 500 advanced 0.5% or 24.47 points, to close at 5,495.52 points. Consumer discretionary, technology and real estate stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) gained 1.5%. The Consumer Discretionary Select Sector SPDR (XLY) advanced 1.2%, while the Real Estate Select Sector SPDR (XLRE) rose 1.8%. Eight of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq climbed 0.8% or 141.28 points to end at 17,025.88 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.08% to 19.55. Advancers outnumbered decliners on the NYSE by a 1.15-to-1 ratio. On the Nasdaq, a 1.06-to-1 ratio favored advancing issues. A total of 10.75 billion shares were traded on Tuesday, almost in line with the last 20 sessions.
Stocks Maintain Momentum Ahead of CPI Data Release
Stocks ended higher on Tuesday amid the ongoing market volatility. Tech stocks that have been suffering lately tried to rebound after Monday’s rally. On Tuesday, shares of NVIDIA Corporation (NVDA) ended 1.5% higher, helping the S&P 500 and the Nasdaq.
The Technology Select Sector SPDR Fund (XLK) has lost nearly 7% in the second quarter as investors have lately been giving up risk assets and settling for cyclical stocks. The shift comes amid growing concerns over a slowing economy after recent data hinted at a cooling jobs market and a struggling manufacturing sector.
Bank stocks also put pressure on the broader market on Tuesday. On Monday evening, Goldman Sachs Group, Inc. (GS) CEO David Solomon said the company’s trading revenue might decrease by 10% in the ongoing quarter. Its shares fell 4.4% on Tuesday. Goldman Sachs carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Also, shares of JPMorgan Chase & Co. (JPM) declined 5.2% on Monday after the company adjusted its outlook, signaling lower expectations for income generated from interest payments.
Energy stocks also suffered on Tuesday with the Energy Select Sector SPDR Fund (XLE) declining 1.7% as Brent crude prices dropped to a 3-1/2-year low on growing fears of softening global demand.
Investors are awaiting the key CPI report for August which will be released on Wednesday morning, followed by the producer price index (PPI) report on Thursday. Investors are now expecting the Federal Reserve to start its interest rate cuts at its Sep. 17-18 FOMC meeting, which could help ease concerns about the economy’s health.
No major economic data was released on Tuesday.
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