US benchmark equity indexes exhibited a mixed performance intraday as market participants dissected the latest economic data that emerged this week. The S&P 500 and the Nasdaq Composite demonstrated slight upward movements, with each index climbing 0.1% to settle at 5,642.3 and 17,754.8, respectively, during midday trading on Tuesday.
In contrast, the Dow Jones Industrial Average experienced a marginal decline of 0.1%, landing at 41,199.3. Sector performance illustrated technology leading the pack as gainers, while energy faced significant losses amidst fluctuating oil prices. In economic insights, consumer confidence in the US exhibited an upward trend this month, as reported by the Conference Board, while the annual inflation outlook dipped to its most favorable level in nearly four-and-a-half years.
According to Dana Peterson, Chief Economist at the Conference Board, "Consumers continued to express mixed feelings in August." She elaborated that, compared to July, there was a more positive outlook on business conditions—both for the present moment and future forecasts—though concerns regarding the labor market grew among consumers. US home prices have surged to a "new all-time high" for June; however, the pace of growth has exhibited signs of slowing, both sequentially and annually.
This revelation comes from the S&P Global's division, S&P Dow Jones Indices. The Federal Housing Finance Agency added a contrasting note, indicating that home prices saw a slight decline of 0.1% on a seasonally adjusted basis in June, following a flat reading in May. Market expectations, as compiled in a Bloomberg survey, anticipated a modest rise of 0.1%. In the bond market, the US 10-year yield ticked up by 1.9 basis points to reach 3.84%, while the yield on the two-year note dipped by 2.4 basis points to 3.91% intraday. In the corporate arena, Insulet's shares ($PODD) soared by 7.2%, marking it as the leading gainer on the S&P 500.
The positive momentum followed the announcement late Monday regarding the US Food and Drug Administration's clearance of its Omnipod 5 automated insulin delivery system, aimed at adults living with type-2 diabetes. On the flip side, Paramount Global's class B shares ($PARA, $PARAA) faced a downturn, plummeting by 6.4%, which represented the second most significant decline across the S&P 500.
The dip followed the company's announcement that the "go-shop" period under its Skydance Media merger agreement had concluded after a rival buyout offer led by Edgar Bronfman Jr. was withdrawn. Likewise, class A shares for Paramount dropped by 6.3% during Tuesday's trading. American Woodmark's shares ($AMWD) witnessed a steep decline of nearly 11%, being influenced by disappointing fiscal first-quarter results that reflected a year-over-year dip, prompting the company to revise its full-year guidance downwards amidst challenges prevalent in the home remodeling sector. In addition, companies such as SentinelOne ($S), Nordstrom ($JWN), and Semtech ($SMTC) are anticipated to share their financial results following the conclusion of trading hours on Tuesday. On the commodity front, West Texas Intermediate crude oil noted a decrease of 2.5%, settling at $75.49 a barrel intraday.
Meanwhile, the price of gold edged down by 0.1%, landing at $2,553.80 per troy ounce, alongside silver which fell 0.2% to $29.98 per ounce..