US stocks edged higher as consumer confidence reached a 6-month high, leading to a mixed day

From Nasdaq: 2024-08-27 18:23:24

US stocks closed slightly higher on Tuesday, with the S&P 500 up +0.16%, Dow Jones up +0.02%, and Nasdaq 100 up +0.33%. Consumer confidence rose to a 6-month high, boosting chip stocks and leading to a mixed day for corporate news. Home prices rose at a slower rate, while T-note yields increased.

Overseas markets settled mixed, with Euro Stoxx 50 up +0.04%, Shanghai Composite down -0.24%, and Nikkei Stock 225 up +0.47%. Interest rates saw T-notes fall and yields rise, while European government bond yields moved higher. ECB members indicated a clear direction for monetary policy, with swaps pricing in a rate cut.

Stock movers included chip stocks like Analog Devices and Qualcomm, cruise operators like Royal Caribbean Cruises, and ResMed leading gainers in the S&P 500. Insulet rose after FDA clearance for Omnipod 5, while Paramount Global and Cava Group saw declines. American Woodmark, Hershey, and Energizer also experienced movement.

Earnings reports for 8/28/2024 include Affirm Holdings, Bath & Body Works, Cooper Cos, Crowdstrike Holdings, HP Inc, Nvidia, Okta, Salesforce, and more. Stocks closed mixed, with anticipation for upcoming events like Nvidia earnings and the US core PCE deflator release on Friday. Market sentiment is pricing in a rate cut for the September FOMC meeting.



Read more at Nasdaq: Stocks Close Higher as US Consumer Confidence Rises to 6-Month High