U.S. stocks end mixed with CPI on deck
Nasdaq up ~0.8%, S&P 500 up ~0.4%, Dow dips ~0.2%
Real Estate leads S&P 500 sector gainers; Energy weakest group
S&P banks index down ~3%
Dollar ~flat; gold up; bitcoin rallies ~1.5%; crude slides ~3.5%
U.S. 10-Year Treasury yield falls to ~3.65%
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U.S. STOCKS END MIXED WITH CPI ON DECK
Wall Street's main indexes ended mixed on Tuesday ahead of key inflation data later this week that could provide clarity on the extent of next week's expected Federal Reserve's interest rate cut, while a fall in the shares of big banks weighed on the markets.
The S&P 500 banks index .SPXBK lost about 3% as executive comments clouded optimism over easing capital requirements. A slump in shares of Ally Financial ALLY.N also weighed on sentiment.
Energy stocks .SPNY were especially weak. This as NYMEX crude futures CLc1 are off around 3.5%.
That said, thanks to strength in FANG names .NYFANG, the tech-laden Nasdaq Composite .IXIC advanced ~0.8%, while the S&P 500 .SPX gained modestly. The Dow .DJI dipped.
Growth .IGX enjoyed its best day vs value .IVX in nearly a month.
Investors are keenly focused on August CPI due Wednesday and then PPI coming on Thursday as to what impact that data may have on the FOMC when it meets next week.
The headline CPI, on a month-over-month basis, is expected at 0.2% vs a 0.2% read last month. The year-over-year print is expected to come in at 2.6% vs 2.9% last month.
The month-over-month core reading is forecasted to be 0.2% vs a 0.2% read last month. The year-over-year core number is forecasted to be 3.2% vs a 3.2% print last month.
Meanwhile, the U.S. 10-year Treasury yield US10YT=RR, which is now around 3.65%, hit a fresh low back to early June 2023, and is on pace to fall for a sixth day in a row. The yield fell eight-straight days into its early-August trough.
Here is a snapshot of where markets stood just shortly after 1600 EDT/2000 GMT:
(Terence Gabriel)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
AS DUST SETTLES ON Q2 SEASON, MAG 7 ENDS WITH STRONG PROFIT GROWTH - CLICK HERE
INVESTORS FLEE CRYPTO FUNDS IN LARGEST EXODUS SINCE MARCH - COINSHARES - CLICK HERE
TIN A HOT COMMODITY, LIKELY TO CONTINUE TO OUTPERFORM - CLICK HERE
BLACKROCK LOOKS BEYOND TECH FOR AI RETURNS - CLICK HERE
SMALL BUSINESS SENTIMENT SOURS, OUTSTANDING CONSUMER CREDIT SURGES - CLICK HERE
BULLS AND BEARS DEBATE AHEAD OF BIG INFLATION DATA SPATE - CLICK HERE
REAL ESTATE IS LOW HANGING FRUIT, FUND MANAGER SAYS - CLICK HERE
BENCHMARK TREASURY YIELD DOWN 5 STRAIGHT DAYS, BRACING FOR CPI - CLICK HERE
APPLE'S PUSH INTO AI SHOWS TREND INTACT - UBS - CLICK HERE
EUROPEAN REAL ESTATE "TURNING A CORNER" - CLICK HERE
AI STILL "BIG CALL", BUT BLACKROCK TURNS SELECTIVE- CLICK HERE
NEW HIGH FOR UTILITIES - CLICK HERE
EUROPE BEFORE THE BELL: BOUNCE LOSES STEAM - CLICK HERE
CHINA GLOOM OVERSHADOWS WALL STREET-LED REBOUND - CLICK HERE
Closer09102024 https://tmsnrt.rs/3XowyGL
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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