12:39 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 of interest rate cuts.

The S&P 500 was marginally down to 5,059. The Nasdaq Composite index was steady at 15,883, while the Dow Jones Industrial Average was posting a 0.4% advance to 37,884. Energy was the worst performer, while health care was the biggest gainer.

Oil prices were slightly lower, with front-month global benchmark North Sea Brent crude down less than 0.1% at $89.98 per barrel, while West Texas Intermediate crude was falling 0.1% at $85.30 per barrel. Gold increased 1% to $2,407.40 per ounce.

Economic data Tuesday showed US housing starts dropping by 14.7% during March to a 1.321 million annualized pace, trailing market estimates for a 1.485 million annualized rate. New building permits and home completions also declined last month from February levels.

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

The US 10-year Treasury yield added 3.5 basis points to 4.66%. The yield for two-year Treasuries increased 3.4 basis points to 4.97%.