Stock market today: US stocks slip as traders struggle to restart rally ahead of new data, Powell comments

Reuters

  • Stocks slipped again on Monday, extedning losses to a third straight session.

  • On Tuesday, February’s US durable goods orders rose for the first time in three months.

  • Investors are waiting for new PCE data to come out Friday, alongside comments from Jerome Powell.

US stocks dropped again on Tuesday, losing steam late in the day after traders looked to restart a rally that stalled out last Friday.

Momentum has carried equities higher for the better part of five months now, though investors appear to be taking a breather the last three days following the market’s record-setting run last week after the Federal Reserve’s dovish March meeting.

Tuesday offered investors promising data, with February’s US durable goods orders rising for the first time in three months. While that signals optimism among firms, consumer confidence also held steady, according to the Conference Board.

This week, investors are gearing for the latest personal consumption expenditures report on Friday. Median forecasts of core PCE, the Federal Reserve’s preferred inflation gauge, expect a 2.8% rise.

While markets will be closed that day for Easter holidays, Friday will also feature comments from Fed Chairman Jerome Powell, potentially offering clues as to future monetary policy.

That’s after previous Fedspeak on Monday, with President Raphael Bostic noting expectations of one rate cut this year.

Aside from Powell, Fed Gov. Christopher Waller and San Francisco Fed President Mary Daly will speak Wednesday and Friday.

Among notable stock movers on Tuesday, Donald Trump’s Truth Social made its market debut, soaring 59% under the DJT ticker.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Tuesday: 

Here’s what else is going on today: 

In commodities, bonds, and crypto: 

  • Oil prices dropped. West Texas Intermediate crude slid 0.6% to $81.47 a barrel. Brent crude, the international benchmark, fell 0.8% to $86.02 a barrel.

  • Gold climbed by 0.2% to $2,176.61 per ounce.

  • The 10-year Treasury fell two basis points to 4.23%.

  • Bitcoin slumped 0.29% to $69,848.

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