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US STOCKS-Wall Street muted as focus moves to economic data
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US STOCKS-Wall Street muted as focus moves to economic data
Nov 12, 2024 11:02 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Novavax ( NVAX ) drops after cutting annual revenue forecast

*

Shopify's US-listed shares climb after quarterly revenue

beat

*

Indexes up: Dow 0.24%, S&P 500 0.10%, Nasdaq 0.05%

(Updated at 09:44 a.m. ET/ 1444 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Nov 12 (Reuters) - Wall Street's main indexes were

little changed on Tuesday following post-election gains over the

past few days as focus moved to key U.S. inflation data later in

the week for more signals on the country's economic and monetary

policy outlook.

Some of the stocks expected to perform well under

President-elect Donald Trump's presidency gave back gains. Tesla

, which has soared nearly 40% since Nov. 5, fell 2.5%.

The EV maker weighed on the consumer discretionary

sector that lost 0.3%.

The small-cap Russell 2000 fell 0.2% after the index

closed at a three-year high on Monday. Trump Media & Technology

Group's ( DJT ) shares were down 7.7%.

The Dow Jones Industrial Average rose 107.69 points,

or 0.24%, to 44,400.82, the S&P 500 gained 6.11 points,

or 0.10%, to 6,007.46, and the Nasdaq Composite gained

9.09 points, or 0.05%, to 19,307.85.

The blue-chip Dow was boosted by a 5.2% gain in Honeywell ( HON )

, that hit a record high, after activist investor Elliott

Investment said it has built a stake worth more than $5 billion

in the industrial conglomerate.

Some crypto stocks eased after soaring in the past few

sessions as bitcoin pulled back after nearing the $90,000

mark. Bitcoin miners MARA Holdings ( MARA ) and Riot Platforms ( RIOT )

fell 3.5% and 8.4%, respectively.

"I don't attribute it to much more than a little bit of

profit taking after a fabulous week," said Paul Nolte, senior

wealth adviser and market strategist, Murphy & Sylvest.

The three major indexes closed at record highs on Monday as

investors broadly expected Trump's proposed tax cuts and

expectations of easier regulatory policies to help equities.

Focus will now be on Wednesday's consumer price inflation

data, followed by producer prices inflation and retail sales

data through this week, that will provide direction to the U.S.

Federal Reserve's policy path.

Nolte said a lot of the sentiment readings have been

generally pretty good, but the retail sales numbers will be

important as they show "what consumers do than what they say".

Markets have already dialed back expectations for interest

rate reductions over the next year, given strong economic data

and the possible inflationary impact of some of Trump's

policies.

Traders are still pricing in a strong chance - 65% - of a 25

basis point interest rate cut at the Fed's December meeting,

according to CME FedWatch.

Fed officials Thomas Barkin, Neel Kashkari and Patrick

Harker are expected to speak later in the day, while Chair

Jerome Powell is scheduled to speak on Thursday at an event in

Dallas.

Biotech firm Novavax ( NVAX ) dropped 9.1% after cutting its

annual revenue forecast due to lower-than-expected sales of its

COVID-19 vaccine.

Shopify's U.S.-listed shares climbed 20% after the

Canadian tech firm beat analysts' estimates for third-quarter

revenue.

Declining issues outnumbered advancers for a 1.48-to-1 ratio

on the NYSE and a 1.38-to-1 ratio on the Nasdaq.

The S&P 500 posted 31 new 52-week highs and nine new lows,

while the Nasdaq Composite recorded 88 new highs and 52 new

lows.

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