Wall Street’s major market averages are muted on Tuesday, a day after the Dow hit an all-time trading high.
Early on and the Dow (DJI) was -0.1%, the S&P 500 (SP500) was +0.1%, and the Nasdaq Composite (COMP:IND) was +0.1%.
On the Treasury front, the longer-end 10-year Treasury yield (US10Y) rose 3 basis points to 3.85%. At the same time, the shorter-end 2-year yield (US2Y) rose 1 basis point to 3.95%.
Wall Street’s major market averages ended Monday’s trading session on a mixed note.
“Monday’s move was driven by a reversal in tech stocks, with the Nasdaq and the Mag-7 giving up most of their Friday gains,” Deutsche Bank’s Henry Allen said.
Traders are now waiting for Nvidia’s (NVDA) results, which are expected to come on Wednesday after market close. The chipmaker’s earnings have become a market-moving event given the artificial intelligence frenzy and the stock’s weighting in the S&P.
“We’ve got Nvidia’s earnings coming out after the U.S. close tomorrow, which has become one of the most important events on the macro calendar over recent quarters,” Allen added.
On the economic side, the Richmond Fed Manufacturing Survey continues to weaken in August with data coming in at -19 compared to the anticipated -14 consensus level and -17 prior reading.
At the same time, the August consumer confidence report surprises to the upside as U.S. consumer confidence rose to 103.3 versus the forecasted 100.9 level.
The June Case-Shiller home price index also landed as the composite for 20 cities, arrived at +0.4% M/M versus the +0.3% consensus level.
Investors are also keeping eyes on rising geopolitical tensions in the Middle East, after Israel and Lebanese paramilitary group Hezbollah engaged in the heaviest missile exchange on Sunday following 10 months of warfare, fueling fears of a wider conflict in the Middle East.