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Wall Street closed with a mixed performance on Tuesday as investors awaited crucial inflation data, which could influence the Federal Reserve's interest rate decisions. Market participants also assessed robust Q4 earnings results. While the Nasdaq and S&P 500 closed in the positive territory, the Dow finished in the negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.3%, or 96.82 points, to close at 38,972.41. Notably, 14 components of the 30-stock index ended in negative territory, while 16 were in green.
The tech-heavy Nasdaq rose 0.4% or 59.05 points to finish at 16,035.30.
The S&P 500 gained 0.2% to end at 5,078.18. Six out of the 11 broad sectors of the benchmark ended in positive territory, while two were in the positive zone. The Utilities Select Sector SPDR (XLU), the Communication Services Select Sector SPDR (XLC) and the Materials Select Sector SPDR (XLB) gained 1.9%, 0.8% and 0.4%, respectively, while the Energy Select Sector SPDR (XLU) declined 0.4%.
The fear-gauge CBOE Volatility Index (VIX) increased 2.4% to 13.76. A total of 11.21 billion shares were traded on Tuesday, lower than the last 20-session average of 11.71 billion. The S&P 500 posted 46 new 52-week highs and no new lows, and the Nasdaq Composite recorded 253 new highs and 66 new lows.
Markets Wait for Key Inflation Data
Investors are eagerly awaiting the release of economic data this week with a focus on inflation indicators to understand the Federal Reserve’s upcoming decisions on interest rates. The upcoming unveiling of the Personal Consumption Expenditures (PCE) inflation data on Thursday morning is particularly noteworthy as it is expected to offer insights into the Federal Reserve’s monetary policy approach.
Investors are also keeping an eye on economic indicators scheduled for release this week, including the second estimate of Gross Domestic Product (GDP) jobless claims and manufacturing activity. Each of these indicators will be crucial in shaping expectations surrounding monetary policy decisions by the Federal Reserve. As per the CME Groups FedWatch tool, there is a 59.1% expectation for a 25 basis points (bps) rate cut by the Fed at its June meeting.
Strong Q4 Earnings
National Vision Holdings, Inc. (EYE - Free Report) reported fourth-quarter 2023 adjusted loss per share of $0.02, narrower than the Zacks Consensus Estimate of $0.09 loss per share. The discount optical retailer and eye care provider generated total revenues of $506.4 million, outpacing the Zacks Consensus Estimate of $499.4 million.
AutoZone, Inc. (AZO - Free Report) reported second-quarter fiscal 2024 adjusted earnings of $28.89 per share, beating the Zacks Consensus Estimate of $26.08 per share. The auto parts retailer generated total revenues of $3.86 billion, beating the Zacks Consensus Estimate of $3.85 billion.
Lowe's Companies, Inc. (LOW - Free Report) reported fourth-quarter fiscal 2023 adjusted earnings of $1.77 per share, beating the Zacks Consensus Estimate of $1.68 per share. The home improvement retailer generated total revenues of $18.6 billion, outpacing the Zacks Consensus Estimate of $18.34 billion.
The U.S. Census Bureau reported that durable goods orders for January decreased by 6.1%. In December, the orders had gone down by 0.3%.
The Conference Board reported that the consumer confidence index decreased to 106.7 in February from a downwardly revised 110.9 in January. The January index was previously reported at 114.8.
In other economic data released on Tuesday, the S&P CoreLogic Case-Shiller home-price index showed that home prices in the country’s 20 major cities jumped 6.1% year over year in December.
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Stock Market News for Feb 28, 2024
Market News
Wall Street closed with a mixed performance on Tuesday as investors awaited crucial inflation data, which could influence the Federal Reserve's interest rate decisions. Market participants also assessed robust Q4 earnings results. While the Nasdaq and S&P 500 closed in the positive territory, the Dow finished in the negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.3%, or 96.82 points, to close at 38,972.41. Notably, 14 components of the 30-stock index ended in negative territory, while 16 were in green.
The tech-heavy Nasdaq rose 0.4% or 59.05 points to finish at 16,035.30.
The S&P 500 gained 0.2% to end at 5,078.18. Six out of the 11 broad sectors of the benchmark ended in positive territory, while two were in the positive zone. The Utilities Select Sector SPDR (XLU), the Communication Services Select Sector SPDR (XLC) and the Materials Select Sector SPDR (XLB) gained 1.9%, 0.8% and 0.4%, respectively, while the Energy Select Sector SPDR (XLU) declined 0.4%.
The fear-gauge CBOE Volatility Index (VIX) increased 2.4% to 13.76. A total of 11.21 billion shares were traded on Tuesday, lower than the last 20-session average of 11.71 billion. The S&P 500 posted 46 new 52-week highs and no new lows, and the Nasdaq Composite recorded 253 new highs and 66 new lows.
Markets Wait for Key Inflation Data
Investors are eagerly awaiting the release of economic data this week with a focus on inflation indicators to understand the Federal Reserve’s upcoming decisions on interest rates. The upcoming unveiling of the Personal Consumption Expenditures (PCE) inflation data on Thursday morning is particularly noteworthy as it is expected to offer insights into the Federal Reserve’s monetary policy approach.
Investors are also keeping an eye on economic indicators scheduled for release this week, including the second estimate of Gross Domestic Product (GDP) jobless claims and manufacturing activity. Each of these indicators will be crucial in shaping expectations surrounding monetary policy decisions by the Federal Reserve. As per the CME Groups FedWatch tool, there is a 59.1% expectation for a 25 basis points (bps) rate cut by the Fed at its June meeting.
Strong Q4 Earnings
National Vision Holdings, Inc. (EYE - Free Report) reported fourth-quarter 2023 adjusted loss per share of $0.02, narrower than the Zacks Consensus Estimate of $0.09 loss per share. The discount optical retailer and eye care provider generated total revenues of $506.4 million, outpacing the Zacks Consensus Estimate of $499.4 million.
AutoZone, Inc. (AZO - Free Report) reported second-quarter fiscal 2024 adjusted earnings of $28.89 per share, beating the Zacks Consensus Estimate of $26.08 per share. The auto parts retailer generated total revenues of $3.86 billion, beating the Zacks Consensus Estimate of $3.85 billion.
Lowe's Companies, Inc. (LOW - Free Report) reported fourth-quarter fiscal 2023 adjusted earnings of $1.77 per share, beating the Zacks Consensus Estimate of $1.68 per share. The home improvement retailer generated total revenues of $18.6 billion, outpacing the Zacks Consensus Estimate of $18.34 billion.
Consequently, shares of National Vision Holdings, AutoZone and Lowe's Companies returned 15.8%, 6.7% and 1.8%, respectively. Each of these companies carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The U.S. Census Bureau reported that durable goods orders for January decreased by 6.1%. In December, the orders had gone down by 0.3%.
The Conference Board reported that the consumer confidence index decreased to 106.7 in February from a downwardly revised 110.9 in January. The January index was previously reported at 114.8.
In other economic data released on Tuesday, the S&P CoreLogic Case-Shiller home-price index showed that home prices in the country’s 20 major cities jumped 6.1% year over year in December.