US stocks reversed gains late in the trading day on Tuesday as markets took a breather from a record-setting run that’s become the story on Wall Street during the first quarter of the year.
The tech-heavy Nasdaq Composite (^IXIC), which was on pace for a record close, fell late in the session to close down roughly 0.4%. The S&P 500 (^GSPC) dipped nearly 0.3% while the Dow Jones Industrial Average (^DJI) dropped about 0.1%.
On Tuesday, the focus turned to economic data. Durable goods orders rebounded during the month of February, rising 1.4% last month amid increases in transportation equipment and machinery orders, according to the Commerce Department’s Census Bureau.
In other economic news, the S&P CoreLogic Case-Shiller National Home Price Index rose 6% in January from a year ago, up from December’s 5.6% gain. January’s annual increase was the highest since 2022.
Meanwhile, a fresh reading on US consumer confidence showed consumers are feeling less confident about the future state of the US economy.
According to new data released Tuesday morning, The Conference Board’s Consumer Confidence Index for March came in at a reading of 104.7, little changed from a revised 104.8 in February.
However, the “Expectations Index,” which tracks consumers’ short-term outlook for income, business, and labor market conditions, fell to 73.8 in March from 76.3 last month. Historically, a reading below 80 in that category signals a recession in the coming year.
All of the data this week serve as appetizers for the main event on Friday, when the government will release the Personal Consumption Expenditures Price Index, otherwise known as PCE. That contains the Federal Reserve’s preferred look at the pace of inflation, in the form of “core” PCE growth.
In company news, former President Donald Trump’s social media company was set for its Wall Street debut after merging with Digital World Acquisition Corp. Shares of Trump Media & Technology Group Corp. (DJT), which had risen more than 50% earlier in the session, finished the day up 16%.
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