4:18pm: Boeing, Walmart lift the Dow
The Dow closed Tuesday up 84 points, 0.2%, at 35, 417, the Nasdaq Composite added 41 points, 0.3%, to 14,282 and the S&P 500 improved 4 point,s 0.1%, to 4,555. The small-cap Russell 2000 index fell 8 points, 0.4%, to 1,793.
The market responded well to comments from Fed Governor Christopher Waller, who told a conference in Washington that he was “increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2%."
The next Federal Open Market Committee’s policy meeting is scheduled for December 12-13, and most analysts expect the body to keep interest rates where they are.
Meanwhile, Boeing shares rose 1.4% Tuesday, while Walmart stock climbed 1.2%, helping the Dow.
12:00am: Stocks boosted by Fed speak and improved consumer confidence
US stocks resumed their upward path after consumer confidence picked up in November and after a Fed official expressed confidence that inflation was heading towards 2%, boosting hopes of an early rate cut.
At midday, the Dow Jones Industrial Average was up 180.85 points, 0.5%, at 35,514.32, the S&P 500 was up 14.81 points, 0.3%, at 4,565.24 and the Nasdaq Composite was up 53.03 points, 0.4%, at 14,294.06.
Fed Governor Christopher Waller told a conference in Washington, in prepared remarks that he was “increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2%," adding, "I am encouraged by what we have learned in the past few weeks – something appears to be giving, and it's the pace of the economy,"
Elsewhere, US consumer confidence improved in November, alongside a rising expectations index measuring short-term outlook for the economy, data on Tuesday showed.
According to the latest Conference Board tracker, the consumer confidence index rose to 102.0 points in November, from October's downwardly revised tally of 99.1.
Grace Zwemmer at Oxford Economics said it was a "surprise improvement after a three-month decline," driven by a rebound in expectations.
She noted consumer expectations were boosted by easing inflation expectations, which dipped back down to 5.7% from 5.9%.
However, she felt the subdued level of consumer confidence is still consistent with a slowdown in consumption growth ahead.
9:40am: Stocks flat ahead of consumer confidence figures
US markets made a mixed start to trading on Tuesday as the bullish November rally showed signs of grinding to a halt.
Shortly after the opening bell, the Dow Jones Industrial Average was little changed at 35,331.23, the S&P 500 was down 5.62 points, 0.1%, at 4,544.81 and the Nasdaq Composite was down 14.94 points, 0.1%, at 14,226.09.
Investors will have one eye on consumer confidence figures due shortly which come ahead of GDP and inflation figures later in the week.
Stocks on the move include Zscaler which dropped 5.3% as maintained guidance disappointed the Street after a better than expected financial first quarter.
Investors will also track a number of Federal Reserve officials who are set to deliver remarks throughout the day.
Those speakers include Chicago Fed President Austan Goolsbee, as well as Fed Governors Christopher Waller and Michelle Bowman.
7:00am: Subdued start expected on Wall Street
US stock futures were little changed ahead of consumer confidence figures and speeches from a number of Federal Reserve officials.
In pre-market trading, futures for the Dow Jones Industrial Average were little changed, while those for the S&P 500 were 0.1% lower, and contracts for the Nasdaq 100 futures eased 0.1%.
Joshua Mahoney at Scope Markets said investors are taking stock of what has been another strong month of gains, "with these being realised despite the mounting macroeconomic headwinds."
“Yesterday’s miss in reported new home sales for October underlines the fact that rising borrowing costs are taking a toll on the consumer end of the market so despite the Fed perpetuating with its stance that suggests rates won’t be falling any time soon, it’s difficult to argue that the cracks aren’t beginning to show,” he said.
The mood among US consumers is expected to have deteriorated slightly in November, with the Conference Board’s consumer confidence index forecast to decline to a reading of 101 from 102.6 in October.
Elsewhere, US Federal Reserve governor Christopher Waller, Fed governor Michelle Bowman and Chicago Fed president Austan Goolsbee are all due to give speeches.
On the earnings front, Intuit, Workday, CrowdStrike, Splunk and HPE will report quarterly earnings after Wall Street’s closing bell.