From Nasdaq: 2024-03-26 18:19:22

The S&P 500, Dow Jones, and Nasdaq all closed down on Tuesday, giving up early gains. Nvidia’s -2% fall led to a slide in chip stocks, impacting the market. US economic news was mixed, with strong Feb capital goods orders but a decline in consumer confidence. Positive corporate news initially boosted stocks, with McCormick up more than +10% and Seagate up more than +7%.

US Feb capital goods orders rose +0.7% m/m, beating expectations. The US Jan S&P Core Logic home price index grew +6.03% y/y, while US Mar consumer confidence unexpectedly fell to a 4-month low. The US Mar Richmond Fed manufacturing survey also dropped. Markets are pricing in a low chance of a rate cut at the next FOMC meeting.

European bond yields fell on Tuesday, while the GfK consumer confidence index in Germany improved. ECB members mentioned a potential inflation slowdown. UPS, International Paper, and 3M Co led losses, while Nvidia dragged chip stocks lower. Rexford Industrial Realty, Matador Resources, and CSX experienced declines, with Zoetis facing an EU probe. On the positive side, McCormick, Seagate, and Tesla all saw gains. Viking Therapeutics and Praxis Precision Medicines saw significant ups on positive trial results, while Chipotle and Nasdaq also closed higher. Earnings reports for 3/27 include Carnival Corp, Chemours Co, Cintas Corp, Jefferies Financial Group, and RH.



Read more at Nasdaq: Stocks Give Up Early Gains as Nvidia Weighs on Chip Stocks