On Tuesday, the S&P 500 Index closed up 0.32%, the Dow Jones Industrial Average rose 0.30%, and the Nasdaq 100 Index increased by 0.64%. E-mini S&P futures gained 0.30%, while September E-mini Nasdaq futures climbed 0.63%. The upward trend was supported by a more than 3% drop in WTI crude oil prices, which eased inflation expectations and reduced the 10-year T-note yield by 6 basis points to 4.64%.
Notably, July new home sales fell 10.5% month-over-month to 607,000, marking a six-month low and falling short of expectations of 620,000. Consumer confidence also dipped to a seven-month low of 89.4, lower than the anticipated 90.2. A decline in the Richmond Fed manufacturing survey signaled a broader economic slowdown.
In corporate news, chipmakers saw gains with NVIDIA set to report quarterly earnings, while stocks like Moderna surged over 14% after an upgrade by Wolfe Research. Conversely, Dicks Sporting Goods plummeted more than 30% after reporting lower-than-expected sales and revising forecasts downward.
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