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Wall Street took a breather on Tuesday, with the major U.S. stock indices trading near the flatline or showing slight declines during midday trading in New York as investors closely await a series of relevant earnings reports and crucial economic data slated for the remainder of the week.
Both the S&P 500 and the Nasdaq 100 remained stable at their respective all-time highs, while the Dow experienced a slight decrease of 0.4%. Small caps, as represented by the iShares Russell 2000 ETF (NYSE:IWM), weakened by 0.7%.
The dollar and Treasury yields moved higher, likely exerting some resistance on the stock market’s rally. The likelihood of a Fed rate cut in March has decreased to 40% and traders now anticipate a total of five rate cuts, down from six, by December 2024.
With yields rising across various Treasury maturities, the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) declined by 1.1%.
Chinese stocks traded in New York saw a strong jump as Beijing announced measures totaling $278 billion to stabilize the country’s troubled stock market. Both Alibaba Group Holdings Ltd. (NYSE:BABA) and Baidu Inc. (NASDAQ:BIDU) rose 6.7%, while electric vehicle maker NIO Inc. (NASDAQ:NIO) gained 4.5%.
Bitcoin (CRYPTO: BTC) remained relatively flat, after reaching intraday lows at $38,550, while gold experienced a slight increase of 0.3%.
Major Indices | Price | % |
---|---|---|
Nasdaq 100 | 17,338.84 | 0.0% |
S&P 500 | 4,851.32 | 0.0% |
Dow Jones | 37,831.33 | -0.4% |
Russell 2000 | 1971.67 | -0.7% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) held steady at $483.31, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.5% to $378.22 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was unchanged at $421.69, according to Benzinga Pro data.
Sector-wise, the Consumer Staples Select Sector Fund (NYSE:XLP) outperformed, up 0.9%. The Real Estate Select Sector Fund (NYSE:XLRE) fell the most, down 0.7%.
Photo via Shutterstock.
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