- Wall Street closes lower
- Krispy Kreme soars on McDonald's deal
- Trump's media firm debuts, up 35%
4:15pm: Record-setting run takes a breather
Stocks retreated at the end of Tuesday's trading session, marking a pause in their record-breaking streak witnessed in the first quarter of the year.
The Nasdaq Composite initially aimed for a record close but ultimately declined by about 0.4% to finish at 16,316. The S&P 500 and the Dow Jones also experienced slight dips, with the S&P dropping 0.3% to 5,204 and the Dow by 0.1% to 39,282.
Economic data revealed a rebound in durable goods orders for February, alongside a notable increase in the S&P CoreLogic Case-Shiller National Home Price Index. However, a fresh report on US consumer confidence indicated a decrease in optimism regarding the future state of the economy, with concerns arising over the declining "Expectations Index."
Investors await the release of the Personal Consumption Expenditures Price Index later in the week for insights into inflation trends, a crucial factor monitored by the Federal Reserve.
12:21pm: US stocks hold onto early gains
Wall Street is holding higher as it heads into lunch, with investors hopeful today can continue on from last week's record highs.
On Monday, stocks fell but as of Tuesday afternoon, all three indices are holding firmly onto their early morning gains.
The Dow Jones is up 85 points at 39,398, while the Nasdaq jumped 58 points to 16,443.
The S&P 500 lifted 12 points higher to 5,230.
Some of today's best risers include Krispy Kreme, which soared around 30% after partnering up with McDonald's, and Seagate Technology, up 10% on the back of a broker upgrade to 'overweight' by Morgan Stanley (NYSE:MS).
Tesla shares have surprised some with a 5% jump, helping fight back against the sharp fall in value at the EV maker since the start of 2024.
Part of Tesla's surge may have been related to the delisting of Fisker, a fellow EV rival after its shares plummeted as its talks for a rescue deal fell flat.
10.41am: US markets open higher
The Nasdaq had added 79 points to reach 16,463 shortly after Tuesday’s opening bell, while the Dow Jones and S&P 500 added 53 and 16 points respectively.
Grabbing headlines was an over 45% surge in Trump Media & Technology Group Corp stock as the former president’s firm debuted on the New York Stock Exchange.
This took the firm’s market capitalisation to US$9.84 billion and prompted a brief halt to trading shortly after the shares listed following Tump Media’s merger with blank-check company Digital World Acquisition Corp on Monday.
Donald Trump’s stake in the business, which owns Truth Social, was last valued at US$5.72 billion.
“This valuation may be more of a proxy on the enthusiasm of supporters for Trump than a reasonable estimate of underlying business prospects,” Great Hill Capital chair Thomas Hayes noted.
Among other companies, Tesla Inc (NASDAQ:TSLA, ETR:TL0) emerged as a big riser with gains of 5.5%.
This followed reports it was working with CATL to develop fast-charging battery cells and that Cathie Wood's Ark Invest funds bought over 163,000 shares of the stock on Monday, worth around US$28.2 million.
8.05am: Stocks seen higher
Futures trading had the Nasdaq up 91 points at 18,605 ahead of Tuesday’s opening bell, signalling a return to rallies for the markets seen last week.
The Dow Jones was called 85 points higher at 39,784 in the meantime, with the S&P 500 up 19 points at 5,297.
This follows a dip by the three indices on Monday, which looked to bring an abrupt end to last week’s strong gains, driven by the Federal Reserve’s decision to hold interest rates, but guidance that three cuts could still be expected this year.
That said, Scope Markets analyst Joshua Mahony noted a return to growth could come as markets await core durable goods orders data later on Tuesday.
“Coming off the back of a concerning 16-month low of -0.4%, another consecutive decline could help highlight a need for the Federal Reserve to take a more dovish tone despite concerns around driving prices down,” he said.
Richmond Fed’s manufacturing survey will also be released on Tuesday, delving into the health of the sector, alongside March’s consumer confidence data.