Stock market today: Wall Street drifts in early trading as November’s momentum fades
By DAMIAN J. TROISE
AP Business Writer
NEW YORK (AP) — Stocks were listless in morning trading on Tuesday as the market’s big November rally continues to stall.
The S&P 500 slipped 0.1% and remains on track to close out November with its strongest monthly gain of the year. The Dow Jones Industrial Average was mostly unchanged as of 10:14 a.m. Eastern. The Nasdaq fell 0.2%.
Bond yields were relatively steady. The 10-year Treasury yield, which influences mortgage rates, rose to 4.40% from 4.39% late Monday. Crude oil prices edged higher.
Markets in Asia and Europe were mixed.
Technology and health care stocks were among the biggest weights on the market. Chipmaker Nvidia fell 1.3%% and Thermo Fisher Scientific fell 1.4%.
Wall Street remained relatively quiet as investors move past the latest round of corporate earnings, though there are still several large companies on deck to report their most recent financial results. TurboTax parent company Intuit, Hewlett Packard Enterprise and tech company NetApp will all report their results after the closing bell.
Investors are closely watching several economic updates this week for more clues about how consumers feel and whether the rate of inflation is still easing.
Consumer confidence remains strong heading into the holiday shopping season. The Conference Board’s November consumer confidence survey released Tuesday topped analysts’ forecasts.
On Thursday the government releases its October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022. The loosening grip from inflation and a resilient economy have raised hopes that the Federal Reserve might finally be finished with raising its benchmark interest rate. That has helped fuel a rally on Wall Street.
The benchmark S&P 500 index is up 8.3% in November, on track for its biggest monthly gain of 2023. Every major index is headed for a solid November gain.
The big focus for Wall Street will remain on the Fed, which will meet again in December to update its interest rate policy. Investors are betting that it will hold its benchmark rate steady.
