Wall Street Drifts Early Tuesday 11/28 09:53
Stocks were listless in morning trading on Tuesday as the market's big
November rally continues to stall.
NEW YORK (AP) -- Stocks were listless in morning trading on Tuesday as the
market's big November rally continues to stall.
The S&P 500 slipped 0.1% and remains on track to close out November with its
strongest monthly gain of the year. The Dow Jones Industrial Average was mostly
unchanged as of 10:14 a.m. Eastern. The Nasdaq fell 0.2%.
Bond yields were relatively steady. The 10-year Treasury yield, which
influences mortgage rates, rose to 4.40% from 4.39% late Monday. Crude oil
prices edged higher.
Markets in Asia and Europe were mixed.
Technology and health care stocks were among the biggest weights on the
market. Chipmaker Nvidia fell 1.3%% and Thermo Fisher Scientific fell 1.4%.
Wall Street remained relatively quiet as investors move past the latest
round of corporate earnings, though there are still several large companies on
deck to report their most recent financial results. TurboTax parent company
Intuit, Hewlett Packard Enterprise and tech company NetApp will all report
their results after the closing bell.
Investors are closely watching several economic updates this week for more
clues about how consumers feel and whether the rate of inflation is still
Consumer confidence remains strong heading into the holiday shopping season.
The Conference Board's November consumer confidence survey released Tuesday
topped analysts' forecasts.
On Thursday the government releases its October data on the Federal
Reserve's preferred measure of inflation. Economists expect that measure to
continue easing, as it has been since the middle of 2022. The loosening grip
from inflation and a resilient economy have raised hopes that the Federal
Reserve might finally be finished with raising its benchmark interest rate.
That has helped fuel a rally on Wall Street.
The benchmark S&P 500 index is up 8.3% in November, on track for its biggest
monthly gain of 2023. Every major index is headed for a solid November gain.
The big focus for Wall Street will remain on the Fed, which will meet again
in December to update its interest rate policy. Investors are betting that it
will hold its benchmark rate steady.