US equities broadly closed lower on Tuesday, NASDAQ ekes out a small gain as investors blink

Source Fxstreet
  • US equity indexes closed mostly in the red as the risk rally draws to a close.
  • Risk appetite is struggling in the week following last Friday’s 2024.
  • 2023’s last-quarter rally drew to a close as equities struggle in January.

US major equity indexes closed mostly lower on Tuesday with tech stocks leading the charge down the charts, though the NASDAQ composite index managed to squeeze out a minor gain while the rest of the indexes declined heading into a hefty midweek reporting window.

Tuesday saw 113 companies drop earnings reports either throughout the day or after the closing bell, but investors are broadly twisting in place, pulling back slightly from equities ahead of Thursday’s US Consumer Price Index (CPI) inflation print.

Investors were knocked off increased expectations of a faster pace of rate cuts from the Federal Reserve (Fed) after last Friday’s Nonfarm Payrolls (NFP) saw drastic downside revisions to previous prints despite a bumper reading for the most recent dataset, and market bets of the first Fed rate cut coming as soon as March are beginning to recede.

The Dow Jones Industrial Average (DJIA) fell 0.42% on Tuesday, shedding 157.85 points to close at $37,525.16, while the Standard & Poor’s major equity index fell 7.04 points to close down 0.15% at $4,756.50.

The Russell 2000 equity index slid a full percentage point, losing nearly 21 points to close at $1,98.04. The NASDAQ composite, meanwhile, bucked the trend to end Tuesday up a scant 0.09%, climbing just under 14 points to end the day at $14,857.71.

S&P 500 Technical Outlook

The S&P 500 skidded to a halt after Monday’s hopeful gains, getting hung up on the 200-hour Simple Moving Average (SMA) near $4,755, and near-term momentum is draining away as investors get snagged near $4,760.

Despite near-term declines, the S&P 500 remains well-bid, trading just below the $4,800 handle on daily candlesticks and remains up over 16% from late October’s bottom bids near $4,100.

S&P 500 Hourly Chart

S&P 500 Technical Levels

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decisionThe US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
Author  Mitrade
Sep 28, Mon
The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
placeholder
Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth tradingNvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.
Author  Irene Q.
Sep 29, Tue
Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.
placeholder
【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonightThe 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
Author  Suzie
Sep 30, Wed
The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
placeholder
Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflationGold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday. 
Author  FXStreet
13 hours ago
Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday. 
Related Instrument
goTop
quote