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Equity Markets Mixed as Consumer Confidence Falls
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Equity Markets Mixed as Consumer Confidence Falls
Jun 25, 2024 11:24 AM

01:46 PM EDT, 06/25/2024 (MT Newswires) -- US benchmark equity indexes were mixed after midday Tuesday, as markets assessed the latest economic data, including a report showing consumer confidence decreased in June.

The Nasdaq Composite was up 0.9% at 17,658.8, while the S&P 500 rose 0.1% to 5,455.9. The Dow Jones Industrial Average fell 0.8% to 39,079.2. Among sectors, technology led the gainers intraday, followed by communication services. Real estate saw the steepest decline.

In economic news, the US consumer confidence index fell to 100.4 this month from a downwardly revised 101.3 in May, the Conference Board said. The consensus on Bloomberg was for a 100 print.

"Confidence pulled back in June but remained within the same narrow range that's held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future," Conference Board Chief Economist Dana Peterson said.

Manufacturing activity in the US Mid-Atlantic region contracted more than expected in June amid steep declines in shipments and new orders, according to data released by the Federal Reserve Bank of Richmond.

Separately, the Chicago Fed said its national activity index swung to 0.18 in May from minus 0.26 the previous month.

The US two-year yield rose 1.1 basis points to 4.75% intraday, while the 10-year rate was little changed at 4.25%.

The central bank's Federal Open Market Committee will tread carefully to observe incoming data and consider multiple outcomes for the economy when managing monetary policy, Fed Governor Lisa Cook said.

"One way to address such uncertainty is to consider a range of scenarios and not just the baseline forecast," she said.

West Texas Intermediate crude oil fell 0.7% to $81.04 per barrel intraday.

In company news, Carnival (CCL) shares were up 8.9%, the top performer on the S&P 500, as the cruise operator raised its full-year earnings outlook after it unexpectedly swung to a fiscal second-quarter profit, buoyed by significantly higher prices on bookings taken during the period.

Nvidia ( NVDA ) was the best performer on the Nasdaq and among the best on the S&P 500, up 5.3%.

Pool (POOL) shares fell 7.4%, the steepest decline on the S&P 500, after the swimming pool supplies and equipment distributor cut its full-year earnings outlook. The company said it expected declining sales to impact second-quarter results as it sees "persistently weak demand" and sluggish consumer spending.

FedEx ( FDX ) , Worthington Enterprises ( WOR ) , and Progress Software ( PRGS ) are among the companies scheduled to report their latest financial results after the closing bell.

Gold was down 0.6% at $2,330.60 per ounce, while silver slumped 2.2% to $28.87 per ounce.

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