Investors cautiously navigated the market on Tuesday as they awaited crucial inflation data set to be released later in the week, resulting in modest gains for the S&P 500 and Nasdaq Composite.
The S&P 500 saw a marginal uptick of 0.17% to reach 5,078.18, while the Nasdaq notched a 0.37% increase to close at 16,035.30. In contrast, the Dow Jones Industrial Average dipped 96.82 points, or 0.25%, settling at 38,972.41.
Retail titan Macy’s surged 3.4% after its announcement to shutter approximately 150 underperforming stores in the wake of a revenue shortfall in the preceding quarter. Similarly, Lowe’s experienced a 1.7% rise following an earnings outperformance. Zoom Video and Hims & Hers Health also witnessed significant gains of 8% and 31%, respectively, after exceeding Wall Street’s earnings projections.
Chief Investment Strategist at CFRA Research, Sam Stovall, noted the market’s lack of clear direction on Tuesday, observing that different sectors were operating independently. Stovall stated, “The market on Tuesday really doesn’t have a lot of direction,” with various industries “each marching to the beat of their own drummer.”
Source (CNBC)
