The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closed lower on Tuesday for the third consecutive session, marking a slight cooling off from the previous week’s record highs. The S&P 500 fell by 0.28% to close at 5,203.58, while the Nasdaq lost 0.42% to finish at 16,315.70 and the Dow inched down by 0.08% to settle at 39,282.33.
Despite the overall decline, there were some stocks that moved higher, including Tesla, Seagate Technology, and Krispy Kreme, which rallied after positive news. Senior investment strategist Tom Hainlin noted that the market is broadening and incorporating more cyclical sectors amid positive economic data.
On the economic front, Tuesday brought stronger-than-expected orders for durable goods but also showed a decrease in consumer confidence. Investors are now eagerly awaiting the release of the latest personal consumption expenditure and labor market openings readings.
Despite the recent dip, the major averages are still on track for their fifth straight winning month. In March, the S&P 500 is up more than 2%, the Nasdaq Composite is up 1.4%, and the Dow is up 0.7%. With the Dow approaching the 40,000 level, investors will be keeping a close eye on market movements in the coming days.
