On Tuesday, US stock markets exhibited a mixed closing, with investor sentiment swaying towards caution as the anticipation for the latest US inflation data heightened. Mild advances were seen in the S&P 500, creeping up by 0.14%, and the Nasdaq rose modestly by 0.32%. In contrast, the Dow Jones Industrial Average saw a slight decline of 0.02%. The focal point of investor attention is now firmly placed on the forthcoming inflation reports (CPI) from the US, slated for release tomorrow. These reports are expected to shed light on the effectiveness of the Federal Reserve’s strategies in combating inflation. Additionally, market participants are keenly awaiting the Producer Price Index data (PPI), another critical economic indicator, which is scheduled for release on Thursday.
Sector-wise, financials, industrials, and technology did not fare well and emerged as the day’s underperformers. Conversely, the real estate sector bucked the trend and celebrated gains. JPMorgan Chase & Co. (JPM.US) witnessed its stocks decrease by 1.1%, while the shares of payment processing giants Mastercard (MA.US) and Visa (V.US) dipped by 1.4% and 0.4% respectively.
In the tech space, semiconductor companies didn’t escape the day unscathed, with Nvidia’s (NVDA.US) shares dropping 2%, while Micron Technology (MU.US) and Broadcom (AVGO.US) registered losses of 0.3% and 0.1%. However, it wasn’t all gloom in the tech sector, as Tesla’s (TSLA.US) stocks surged by 2.2%, and Alphabet (GOOGL.US), Google’s parent company, enjoyed a 1.1% increase. Alphabet’s stock even touched a new all-time high during the session, reaching $158.46, following the company’s announcement of its latest cutting-edge Arm-based custom chips, signaling further innovation and growth in the tech industry.
(S&P500 Index Six-month Chart)
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