July 21, 2024

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Nasdaq Rises More Than 1% As Technology Stocks Rebound; Dow Drifts Lower

2 min read

U.S. stocks are turning in a mixed performance once again, with investors largely making cautious moves on Tuesday, while awaiting some crucial economic data, including a report on consumer income and spending, for clues about possible monetary policy moves by the central bank.

Among the major averages, the Dow is down today, retreating after rising in the previous session. The index was down 290.17 points or 0.74 percent at 39,121.04 a little while ago.

The S&P 500 was up 16.97 points or 0.31 percent at 5,464.84, while the Nasdaq was up 203.26 points or 1.16 percent at 17,700.08.

Nvidia Corporation shares are up 5.55 percent, rebounding well from recent losses. Apple Inc is gaining about 1 percent. Alphabet is up more than 2 percent, while Amazon and Meta Platforms are gaining 1.2 percent, and 2 percent, respectively.

Eli Lilly, Tesla, Applied Materials, GE Aerospace, Uber Technologies, Dell and Airbnb are also up sharply.

Nike, Blackstone Inc., IBM, Pfizer, Caterpillar, McDonalds Corporation, Wells Fargo, Bank of America, J&J, Procter & Gamble, Walmart and Berkshire Hathway are down with sharp to moderate losses.

On the economic front, the Chicago Fed’s measure of overall economic activity and related inflationary pressure in the United States rose in May for the first time in three months, survey results showed.

The Chicago Fed National Activity Index, or CFNAI, rose to +0.18 in May from -0.26 in April, which was revised from -0.23. In the same month last year, the reading was -0.17. The latest score was the strongest since +0.29 in February.

U.S. house prices rose less than expected in April, after stagnating in the previous month, latest data from the Federal Housing Financing Agency showed.

The seasonally adjusted house price index increased 0.2 percent from the previous month. Economists had forecast a 0.3 percent gain. March’s 0.1 percent increase was revised down to 0.0 percent.

House prices rose 6.3 percent year-on-year in April, which was more than double…

2024-06-25 14:24:16

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