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US Stock Market wraps; pulls back after consumer data released missed the mark

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This print from April’s consumer confidence was released Tuesday, along with the headline sentiment index for the Conference Board which is also lower compared to last month. The Conference Board noted that some of the declines are temporary or short-term due to inflation concerns that is widely affecting the market.

Another report released Tuesday morning was about the home prices surging the most in about 15 years last March, reflecting the current status of the economy where the supply is not meeting the demands causing price increase.

Despite this, the Federal Open Market Committee (FOMC) strongly believes that all of these are short-term and if ever that the rising prices continues, minor changes for the monetary policy shall be implemented temporarily. They also stated that it is not good to be overly reliant on historical data in terms of judging the relationship and dynamics of inflation.

The last two trading session gave investors a brief break from last week’s equity sell off, but they are still maneuvering carefully as the fear for inflation still remains.

NASDAQ Composite index was able to stay close to the red line, ending only slightly lower with less than 0.1% losses. The Dow Jones Industrial Average slid more than 80 points or 0.24%, while S&P 500 Index dropped by about 0.20%.

Listed below are the major market moves as of Tuesday:

• The Dow Jones Industrial Average down to 34,312.46 after dropping by 81.52 points or 0.24%.
• The S&P 500 Index tripped by 8.92 points or 0.21% and wrapped at 4,188.13.
• NASDAQ Composite Index edged slightly lower at 13,657.17 after losing 0.03% or 4.00 points.
• U.S. 10 Year Treasury yield is down by 4.4 basis points and at 1.5640%.
• Crude is at $65.87 per barrel after losing 0.27% or $0.18.
• Gold is currently at $1,900.10 an ounce after gaining 0.83% or $15.60.

NASDAQ Composite successfully found its footing as relative data reflects higher gains and lower losses for the past few days. Tech stocks seems to be stabilizing even with lingering inflation concerns.

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