01:23 PM EDT, 04/16/2024 (MT Newswires) -- US stocks were struggling for direction ahead of comments Tuesday afternoon from Federal Reserve Chair Jerome Powell that may indicate how recent reports showing inflation still running above the central bank's preferred range will affect plans to eventually begin cutting interest rates.

The S&P 500 still was narrowly underwater this afternoon, recently falling less than 0.1% after trading nearly 0.5% lower earlier in the session. The Nasdaq Composite index rose about 0.1%, while the Dow Jones Industrial Average jumped out to a 0.3% advance.

Powell is scheduled to speak at 1:15 pm ET in Washington, DC, at a forum with Bank of Canada Governor Tiff Macklem. Since Powell's last public remarks on April 3, the consumer price index released Friday showed headline inflation rising 3.5% year-over-year in March, and the core rate excluding food and energy costs increasing 3.8%. Investors responded by delaying their bets on when the Fed will start lowering borrowing costs and also pulling stocks away from recent all-time highs.

Economic data Tuesday, however, suggested Federal Reserve efforts to cool inflation by tempering the pace of growth in the US economy may be having its intended effect. US housing starts dropped by 14.7% during March to a 1.321 million annualized rate, trailing market estimates for a 1.485 million annualized rate. New building permits and home completions also fell last month compared with February levels.

US industrial production declined 1.8% year-over-year during the first three months of 2024, the Federal Reserve said on Tuesday. On a monthly basis, industrial production rose 0.4% in March over the prior month, matching market forecasts.

Front-month global benchmark North Sea Brent crude was fractionally lower at $90.09 per barrel while US West Texas Intermediate crude rose less than 0.1% to $85.45 per barrel. Gold increased 1.3% to $2,413.30 per ounce.

The US 10-year Treasury yield added 4.4 basis points to 4.67%. The yield for two-year Treasuries increased 4.3 basis points to 4.98%.

Among individual stocks, Intra-Cellular Therapies ( ITCI ) climbed more than 25% after reporting positive topline results evaluating lumateperone as an add-on therapy to antidepressants to treat major depressive disorder.

Camtek ( CAMT ) rose over 7% after Evercore ISI began coverage of the semiconductor inspection equipment company with an outperform stock rating and a $100 price target.

To the downside, Live Nation Entertainment ( LYV ) fell nearly 7% following a Wall Street Journal report, citing people familiar with the matter, that the US Department of Justice is preparing an antitrust lawsuit against the company.

Shares of ArcelorMittal ( MT ) dropped 6.7% after a Deutsche Bank downgrade of the steelmaker on Tuesday to hold from buy previously and setting a $31 price target.