Traders work on the floor of the New York Stock Exchange on March 20, 2024.
Spencer Platt | Getty Images
The S&P 500 curtailed its earlier gains on Tuesday, fighting to break two consecutive days of losses.
The broader market index hovered around flat, while the Nasdaq Composite slid 0.1%. The Dow Jones Industrial Average climbed 34 points, or under 0.1%. All three closed at a record on Thursday and the Dow neared the 40,000 level.
A varied group of stocks pushed averages higher on Tuesday. Tesla was up 4% in a turnaround for the electric vehicle manufacturer that has so far floundered this year. Shares of Seagate Technology rose 10% after an upgrade to overweight at Morgan Stanley on optimism about AI. Krispy Kreme rallied 28% after the donut retailer announced it would expand its partnership with McDonald’s.
“The market’s broadening out, it’s bringing in more of those cyclical sectors and that’s underpinned by the data that’s coming in that suggests the economy is still in good shape but that inflation is still positive and still above target,” said Tom Hainlin, senior investment strategist at U.S. Bank Asset Management.
Economic data out Tuesday was mixed, showing stronger-than-expected orders for durable goods, but waning consumer confidence.
It should be a relatively quiet shortened week to wrap up the month, said Ross Mayfield, investment strategy analyst at Baird. Investors are largely laying in wait before the release of the latest personal consumption expenditure and labor market openings readings.
“Drifting higher here makes sense without a meaningful negative catalyst,” he added.
The major averages are on pace for their fifth-straight winning month. The broad market index is up more than 2% in March. The Nasdaq Composite is toting a 1.8% advance for the period, while the Dow is up 0.8%.