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Equities Mixed Intraday as Traders Parse Macro Data
Aug 27, 2024 11:12 PM

02:00 PM EDT, 08/27/2024 (MT Newswires) -- US benchmark equity indexes were mixed intraday as markets evaluated the latest batch of economic data.

The S&P 500 and the Nasdaq Composite were up 0.1% each at 5,642.3 and 17,754.8, respectively, after midday Tuesday. The Dow Jones Industrial Average fell 0.1% to 41,199.3. Among sectors, technology led the gainers, while energy saw the steepest drop.

In economic news, US consumer confidence increased this month, while the annual inflation outlook declined to its lowest level in nearly four-and-a-half years, the Conference Board reported.

"Consumers continued to express mixed feelings in August," Conference Board Chief Economist Dana Peterson said. "Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market."

US home prices rose to a "new all-time high" for June, though the pace of growth slowed both sequentially and annually, S&P Global ( SPGI ) division S&P Dow Jones Indices said.

Separately, the Federal Housing Finance Agency said home prices slipped 0.1% on a seasonally adjusted basis in June, following May's flat reading. The consensus was for a 0.1% rise in a survey compiled by Bloomberg.

The US 10-year yield rose 1.9 basis points to 3.84% intraday, while the two-year rate fell 2.4 basis points to 3.91%.

In company news, Insulet ( PODD ) shares were up 7.2%, the top gainer on the S&P 500. The company said late Monday that the US Food and Drug Administration cleared its Omnipod 5 automated insulin delivery system for adults with type-2 diabetes.

Paramount Global's ( PARAA ) class B shares fell 6.4%, the second-steepest decline on the S&P 500. The company said late Monday that the "go-shop" period under its Skydance Media merger agreement has ended following the withdrawal of a rival buyout offer from a group of investors led by Edgar Bronfman Jr. Paramount's class A shares were down 6.3% intraday Tuesday.

American Woodmark ( AMWD ) shares slumped almost 11% after the cabinet maker's fiscal first-quarter results dropped year over year, while the company lowered its full-year guidance amid weakness in the home remodeling market.

SentinelOne ( S ) , Nordstrom ( JWN ) and Semtech ( SMTC ) are among the companies scheduled to report results after Tuesday's closing bell.

West Texas Intermediate crude oil fell 2.5% to $75.49 a barrel intraday.

Gold was down 0.1% at $2,553.80 per troy ounce, while silver lost 0.2% to $29.98 per ounce.

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