Dow, S&P fall for third straight session with inflation data eyed
Adds dropped word in headline
Tesla to give customers one-month driver-assist trial; shares up
McCormick jumps after Q1 profit, sales beat
Trump Media & Technology surges in debut after SPAC merger
Indexes down: Dow 0.08%, S&P 500 0.28%, Nasdaq 0.42%
By Chuck Mikolajczak
NEW YORK, March 26 (Reuters) -U.S. stocks slipped on Tuesday, giving up modest gains late in the session to send the Dow and S&P 500 to their third straight decline, as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path.
Stocks struggled for upward momentum even as Tesla TSLA.O gained 2.92% after CEO Elon Musk unveiled the electric-vehicle maker's one-month trial of its Full Self-Driving technology to existing and new customers in the United States. The stock is up about 4% for the week but remains down more than 28% for the year.
The focus remains on a key reading of the Personal Consumption Expenditures Price Index (PCE), the Fed's preferred inflation gauge. The data is due on Friday, when U.S. markets will be shut for the Good Friday holiday.
The index is expected to have risen 0.4% in February and 2.5% annually. Core inflation, which excludes volatile food and energy components, is estimated to have advanced 0.3% last month, keeping the annual pace at 2.8%, economists polled by Reuters said.
"The big number is Friday. That's the number everyone's going to pay attention to and whatever happens in the meantime is going to be noise, so I don't anticipate a whole lot happening until we get that data point," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
"The one thing that would be death, death for this market is if somehow something came out that led people to believe that the fed funds rate has not topped out yet. If for some reason people thought the Fed was even giving an inkling to raising rates further, stand out of the way."
On the economic front, orders for long-lasting U.S. manufactured goods increased more than expected in February, while business spending on equipment showed tentative signs of recovery. In a separate report, the Conference Board said its consumer confidence index was little changed at 104.7 in March.
The Dow Jones Industrial Average .DJI fell 31.31 points, or 0.08%, to 39,282.33. The S&P 500 .SPX lost 14.61 points, or 0.28%, at 5,203.58 and the Nasdaq Composite .IXIC slid68.77 points, or 0.42%, to 16,315.70.
The three major U.S. indexes hit record highs last week after the Fed maintained its projection for three interest-rate cuts this year.
Markets have been slowly increasing expectations the central bank will cut rates by at least 25 basis points in June, currently pricing in a 70.4% chance, the CME's FedWatch Tool showed, up from 59.2% last week.
Trump Media & Technology group DJT.O jumped 16.1% to close at $57.99 after surging as high as $79.38 as it kicked off its first day of trading after completing a reverse merger with a blank check firm.
McCormick MKC.N jumped 10.52% as the best performer on the S&P 500 after the spice maker beat market expectations for first-quarter sales and profit.
Seagate Technology STX.O climbed 7.38% after Morgan Stanley upgraded the computer hard-drive maker's rating to "overweight" from "equal-weight."
United Parcel Service UPS.N shares tumbled 8.16%, however, after announcing its 2026 forecast.
Declining issues outnumbered advancers by a 1.24-to-1 ratio on the NYSE. On the Nasdaq, declining issues outnumbered advancers by about a 1.34-to-1 ratio.
The S&P 500 posted 33 new 52-week highs and one new low while the Nasdaq recorded 122 new highs and 124 new lows.
Volume on U.S. exchanges was 10.43 billion shares, compared with the 12.23 billion average for the full session over the last 20 trading days.
Trading volumes are expected to be light throughout the week, thinning out further as the holiday approaches.
Durable goods https://reut.rs/3ISLQMZ
Reporting by Chuck Mikolajczak; Editing by Richard Chang
Relaterade tillgångar
Senaste nytt
Ansvarsfriskrivning: XM Group-enheter tillhandahåller sin tjänst enbart för exekvering och tillgången till vår onlinehandelsplattform, som innebär att en person kan se och/eller använda tillgängligt innehåll på eller via webbplatsen, påverkar eller utökar inte detta, vilket inte heller varit avsikten. Denna tillgång och användning omfattas alltid av i) villkor, ii) riskvarningar och iii) fullständig ansvarsfriskrivning. Detta innehåll tillhandahålls därför uteslutande som allmän information. Var framför allt medveten om att innehållet på vår onlinehandelsplattform varken utgör en uppmaning eller ett erbjudande om att ingå några transaktioner på de finansiella marknaderna. Handel på alla finansiella marknader involverar en betydande risk för ditt kapital.
Allt material som publiceras på denna sida är enbart avsett för utbildnings- eller informationssyften och innehåller inte – och ska inte heller anses innehålla – rådgivning och rekommendationer om finansiella frågor, investeringsskatt eller handel, dokumentation av våra handelskurser eller ett erbjudande om, eller en uppmaning till, en transaktion i finansiella instrument eller oönskade finansiella erbjudanden som är riktade till dig.
Tredjepartsinnehåll, liksom innehåll framtaget av XM såsom synpunkter, nyheter, forskningsrön, analyser, kurser, andra uppgifter eller länkar till tredjepartssajter som återfinns på denna webbplats, tillhandahålls i befintligt skick, som allmän marknadskommentar, och utgör ingen investeringsrådgivning. I den mån som något innehåll tolkas som investeringsforskning måste det noteras och accepteras att innehållet varken har varit avsett som oberoende investeringsforskning eller har utarbetats i enlighet med de rättsliga kraven för att främja ett sådant syfte, och därför är att betrakta som marknadskommunikation enligt tillämpliga lagar och föreskrifter. Se till så att du har läst och förstått vårt meddelande om icke-oberoende investeringsforskning och riskvarning om ovannämnda information, som finns här.
