US Stocks Cautious
The S&P 500 snapped a six-day winning streak on Tuesday, slipping 0.3%, while the Nasdaq also fell 0.3% and the Dow Jones hovered around the flatline.
Investors were looking for fresh catalysts and continued to assess the US economic and fiscal outlook, along with any potential progress in trade negotiations. Tech and real estate were the worst performing sectors while consumer discretionary and utilities outperformed. With a light economic calendar for the day, market focus turned to corporate earnings.
Home Depot shares rose 1.1% after the company reaffirmed its full-year forecast. Meanwhile, early comments from New York Fed President John Williams and Atlanta Fed President Raphael Bostic signaled that rate cuts are unlikely in the near term.
Megacap stocks were mixed. Apple (-0.7%), Microsoft (-0.6%), Nvidia (-1.1%), Amazon (-0.5%), and Meta (-0.3%) traded in the red while Alphabet rose 0.2% and Tesla gained 3.6% as Elon Musk committed to leading the company for the next five years.
Source: Trading Economics