Finance

Stock Market Today: U.S. stocks slide on Powell’s comments as traders struggle to restart gains ahead of new data


Reuters

  • Stocks fell again on Monday, posting losses for a third straight session.

  • On Tuesday, U.S. durable goods orders rose for the first time in three months in February.

  • Investors are awaiting new personal consumption spending data on Friday as well as comments from Jerome Powell.

U.S. stocks fell again on Tuesday, losing momentum late in the day as traders looked to restart a rally that stalled on Friday.

Gains have been driving stocks higher for much of the past five months, although investors appeared to be taking a breather over the past three days after the market posted record gains following last week’s dovish March meeting. .

Promising data provided investors on Tuesday, with U.S. durable goods orders rising in February for the first time in three months. While this suggests business optimism, consumer confidence also remains stable, according to The Conference Board.

This week, investors are watching the latest personal consumption expenditures report due on Friday. The median forecast for the core PCE, the Fed’s preferred inflation gauge, is expected to be 2.8%.

Although markets are closed for the Easter holiday that day, Federal Reserve Chairman Powell will also make comments on Friday, which may provide clues about future monetary policy.

This follows a speech by Federal Reserve Chairman Raphael Bostic in which he predicted one rate cut this year.

In addition to Powell, Fed Governor Christopher Waller and San Francisco Fed President Mary Daly will also speak on Wednesday and Friday.

In notable stock action on Tuesday, Donald Trump’s Truth Social debuted Soared 59% Under DJT code.

Here’s where the U.S. indexes were heading as of Tuesday’s close at 4:00 p.m.:

Here’s what else happened today:

In commodities, bonds and cryptocurrencies:

  • Oil prices fell. West Texas Intermediate Oil Crude oil fell 0.6% to $81.47 a barrel. Brent crude oilInternational benchmark oil prices fell 0.8% to $86.02 a barrel.

  • gold 0.2% to $2,176.61 per ounce.

  • The 10-year Treasury note rate fell two basis points to 4.23%.

  • Bitcoin It fell 0.29% to $69,848.

Read the original article business insider



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