US stocks close mixed ahead of revised US growth data and big lineup of Fed speakers

Feb 27, 2024
  • Investors are staying on the sidelines ahead of key data this week.
  • That includes Wednesday’s revised fourth-quarter GDP data and Thursday’s Personal Consumption Expenditures report.
  • Ahead of upcoming Fed speakers, Governor Michelle Bowman said it’s too soon to start cutting rates.

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US stocks ended the session mixed on Tuesday, with the Dow Jones Industrial Average shedding almost 100 points. 

An upcoming slate of economic data has kept market moves muted in the last two days. Revised fourth-quarter GDP is set to be released on Wednesday, followed by the Personal Consumption Expenditures report on Thursday. The inflation gauge is the Federal Reserve’s preferred measure. 

Both data points will help inform the trajectory of future interest rates, as the central bank is looking for evidence of consistent disinflation before loosening monetary policy. 

Earlier market convictions that rate cuts were around the corner were hampered when January’s consumer price index came in stronger than anticipated. Most investors now expect the first reduction to occur in June, and estimate no more than 75 basis points of cuts.

This week, markets are also awaiting to hear a number of Fed speakers, offering further clues as to future policy. On Tuesday, Fed Governor Michelle Bowman reiterated that it was too soon to start cutting. She expects inflation to continue falling under current conditions.

Although most earnings reports have been released, Tuesday saw Hims & Hers Health jump 31.4%, on a better-than-expected performance. Similarly, Zoom Video rose nearly 8%.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Tuesday: 

Here’s what else happened today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil climbed up 1.35% to $78.63 a barrel. Brent crude, the international benchmark, rose 1% to $82.39 a barrel. 
  • Gold was nearly flat at $2,039.50 per ounce. 
  • The 10-year Treasury edged up to 4.307%.
  • Bitcoin jumped 4% to $56,792.

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