Last Updated: 4:04 PM EST
Stock indices eked out a gain in today’s trading after another round of economic data. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.33%, 0.16%, and 0.02%, respectively.
On Tuesday, Standard & Poor’s released its United States S&P/Case-Shiller House Price Index Composite – 20 n.s.a. This report measures the change in house prices in 20 metropolitan areas. On a year-over-year basis, home prices increased by 6.5% in June, which was higher than the expected 6.2%. However, this is lower than last month’s reading of 6.9%. In addition, prices increased 0.6% on a month-over-month basis. This is on top of the previous month’s increase of 1%.
In addition, the Conference Board put out its Consumer Confidence report, which, as the name suggests, measures the consumers’ confidence in the economy. This report is believed to be a leading indicator for spending patterns as optimistic consumers are more likely to spend as opposed to pessimistic ones.
For August, consumer confidence came in at 103.3, which was higher than expectations of 100.9. Interestingly, this was higher than last month’s reading of 101.9. It’s worth noting that consumer confidence has been in a sideways range during the past two years. In addition, compared to June 2023, sentiment is down from 110.1.
First Published: 4:49 AM EST
U.S. futures were flat on Tuesday morning after the Dow Jones Industrial Average (DJIA) reached a new record high in yesterday’s session. However, the S&P 500 (SPX) and the Nasdaq Composite witnessed declines, primarily due to a sell-off in technology stocks. Futures on the Nasdaq 100 (NDX), the S&P 500, and the Dow Jones were up by about 0.21%, 0.1%, and 0.08%, respectively, at 4:31 a.m. EST, August 27.
Monday’s market activity indicated a potential shift in investors’ preferences. The Dow’s record close, combined with the drop in tech stocks, suggested that investors might be moving away from some of the market’s traditional favorites. The S&P 500 and the Nasdaq Composite were down 0.3% and 0.9%, respectively, whereas the Dow Jones gained 0.2%.
While the economic and earnings report calendars are relatively quiet today, the excitement is growing for Wednesday’s Nvidia (NVDA) earnings announcement. The AI darling is expected to deliver another impressive performance, keeping investors on edge. The few important companies reporting quarterly results today are SentinelOne (S), Ambarella (AMBA), and Nordstrom (JWN).
Meanwhile, the U.S. 10-year treasury yield was up, floating near 3.827% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $77.10 per barrel as of the last check.
Elsewhere, European indices opened higher on Tuesday morning as investors evaluated the geopolitical situation and looked forward to key economic reports.
Asia-Pacific Markets Traded Mixed on Tuesday
Asia-Pacific indices were mixed today, mirroring losses in major U.S. indices. The market also faced challenges due to China’s industrial profit data and escalating tensions in the Middle East.
Hong Kong’s Hang Seng index gained 0.43%. Further, Japan’s Nikkei and Topix indices closed higher by 0.47% and 0.73%, respectively. However, China’s Shenzhen Component and Shanghai Composite indices were down by 1.11% and 0.24%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.
