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US STOCKS-Nasdaq, S&P 500 inch higher as investors digest Fed officials' comments
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US STOCKS-Nasdaq, S&P 500 inch higher as investors digest Fed officials' comments
Dec 3, 2024 12:36 PM

*

Tesla slips after its China-made EV sales drop in Nov

*

South Korean firms fall after president declares martial

law

*

Indexes: Dow down 0.1%, S&P 500 up 0.04%, Nasdaq up 0.2%

(Updates to afternoon)

By Caroline Valetkevitch

NEW YORK, Dec 3 (Reuters) -

The Nasdaq and S&P 500 edged higher on Tuesday as

tech-related shares extended recent gains and investors digested

reassuring comments from Federal Reserve policymakers.

Two policymakers

said they see inflation

heading down to the U.S. central bank's 2% target and that

the job market is "solid."

They stayed away from signaling whether they would

support another interest rate cut later this month. On Monday,

Fed Governor Christopher Waller said he was inclined "at

present" to support another rate cut this month.

The Nasdaq hit an intraday record high earlier.

"This is a market that has performed extremely well. You

want it to pause, take a breather and wait for another catalyst

to push it higher," said Quincy Krosby, chief global strategist,

LPL Financial in Charlotte, North Carolina.

Investors will pay close attention to the U.S. monthly

employment report on Friday. A November reading of private

payrolls is due on Wednesday.

Shares of Amazon ( AMZN ) rose 1.1%. The company announced a

new slate of artificial intelligence platforms, known as

foundation models, at its annual AWS conference.

The Dow Jones Industrial Average fell 35.75 points,

or 0.08%, to 44,746.25. The S&P 500 climbed 2.30 points,

or 0.04%, to 6,049.45 and the Nasdaq Composite rose

45.56 points, or 0.23%, to 19,449.51.

The S&P 500 rose 5.7% in November as former U.S.

President Donald Trump recaptured the White House in the Nov. 5

election and his Republican Party swept both houses of Congress.

The index is up about 27% for the year to date.

U.S.-listed shares of South Korean companies declined,

with iShares MSCI South Korea ETF down 1.7%, after

President Yoon Suk Yeol declared martial law in the country.

Shares of Tesla fell 2.2% after data showed the

automaker's sales of China-made electric vehicles fell 4.3%

year-on-year to 78,856 in November.

(Additional reporting by Shashwat Chauhan and Purvi Agarwal in

Bengaluru; Editing by Maju Samuel and Richard Chang)

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