US close: Stocks continue their retreat from record highs

26th Mar 2024 22:46

(Sharecast News) - A late dive sent US stock markets into the red on Tuesday, extending their recent losing streak into its third day, as investors continued to take profits following last week's record highs.

Economic data released during the session was relatively positive, but that wasn't enough to keep equities above water following early gains, with eyes turning to additional key indicators due in the coming days.

The Dow slipped 0.1%, the S&P 500 fell 0.3% while the Nasdaq declined 0.4%, with all three benchmarks continued to pull back after hitting fresh closing highs last Thursday.

"US stocks faced challenges as market participants grappled with reigniting the previous rally," said Stephen Innes, managing partner at SPI Asset Management. "Investors remained cautious as they awaited economic data in a holiday-shortened week, seeking clues about the Federal Reserve's future policy direction."

Economic data comes in strong

US durable goods orders rose more than expected last month. According to the U.S. Department of Commerce, in seasonally adjusted terms, orders increased 1.4% over the month of February to $277.9bn, ahead of the 1% rise predicted.

The S&P/Case-Shiller 20-City Composite index showed prices in January were up 6.6% on last year, picking up from the 6.2% annual growth seen in December. This was slightly below the 6.7% increase expected by economists but the highest rate of growth since November 2022.

Lastly, the Conference Board's US consumer confidence index came in at 104.7 this month, more or less unchanged from a downwardly revised 104.8 in February, but slightly under the 107 expected by analysts. Improving perceptions about the current economic climate were offset by rising anxiety about future conditions.

Later in the week, we'll see revisions to fourth-quarter GDP figures on Thursday and the all-important PCE price index - the Federal Reserve's preferred measure of inflation - on Friday, though markets will be closed that day for the Good Friday holiday.

Market movers

Truth Social parent company Trump Media & Technology Group surged on its debut on the Nasdaq, but pared earlier gains by the close of play. The stock was up 40% early on, but finished the session up 16%, giving the company a market value of around $7bn.

Food company McCormick & Co jumped 10.5% after impressing with its fiscal first-quarter results, as a rise in prices and fall in costs managed to make up for falling sales.

Transport and logistics giant UPS fell 8% as the market reacted to comments made by the company on an investor day. UPS largely beat consensus forecasts with its forward guidance for 2026, but warned of short-term headwinds affecting trading in the current quarter.

UK-listed packaging company DS Smith - which recently agreed to be taken over by Mondi - confirmed it was in talks with US-listed International Paper about a possible takeover offer, causing shares in the latter to slide 6.5%.

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $492.31 1.32%

Walt Disney Co. (DIS) $119.93 0.48%

JP Morgan Chase & Co. (JPM) $195.73 0.47%

Intel Corp. (INTC) $41.99 0.38%

Johnson & Johnson (JNJ) $155.77 0.35%

Amgen Inc. (AMGN) $281.77 0.34%

Goldman Sachs Group Inc. (GS) $406.18 0.31%

Coca-Cola Co. (KO) $60.54 0.23%

Procter & Gamble Co. (PG) $160.55 0.22%

Merck & Co. Inc. (MRK) $125.52 0.17%

Dow Jones - Fallers

3M Co. (MMM) $102.63 -2.11%

Boeing Co. (BA) $187.50 -2.04%

Nike Inc. (NKE) $92.58 -1.25%

Home Depot Inc. (HD) $379.93 -0.93%

Chevron Corp. (CVX) $155.27 -0.77%

American Express Co. (AXP) $224.46 -0.69%

Apple Inc. (AAPL) $169.71 -0.67%

Walgreens Boots Alliance, Inc. (WBA) $20.51 -0.58%

Dow Chemical Co. (DOW) $57.07 -0.56%

Microsoft Corp. (MSFT) $421.65 -0.29%

S&P 500 - Risers

McCormick & Co. (MKC) $77.30 10.52%

Seagate Technology Plc (STX) $94.72 7.38%

Western Digital Corp. (WDC) $68.15 4.88%

MGM Resorts International (MGM) $46.46 4.29%

Foot Locker Inc. (FL) $26.87 3.87%

Bread Financial Holdings, Inc. (BFH) $36.97 3.56%

Lamb Weston Holdings, Inc. (LW) $105.60 2.87%

Bath & Body Works, Inc. (BBWI) $47.98 2.52%

FedEx Corp. (FDX) $288.99 2.27%

Nasdaq Inc (NDAQ) $62.23 1.92%

S&P 500 - Fallers

United Parcel Service Inc. (UPS) $143.79 -8.16%

International Paper Co. (IP) $38.20 -6.49%

Apache Corp. (APA) $32.88 -4.94%

CenturyLink Inc. (LUMN) $1.55 -3.73%

Sl Green Realty Corp. (SLG) $50.68 -3.60%

Ford Motor Co. (F) $12.44 -3.57%

NRG Energy Inc. (NRG) $65.88 -3.30%

Vornado Realty Trust (VNO) $26.43 -3.29%

Leggett & Platt Inc. (LEG) $18.08 -3.26%

Dominion Energy Inc. (D) $46.68 -3.25%

Nasdaq 100 - Risers

Seagate Technology Plc (STX) $94.72 7.38%

Western Digital Corp. (WDC) $68.15 4.88%

Tesla Inc (TSLA) $177.67 2.92%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $514.34 1.73%

Intuitive Surgical Inc. (ISRG) $397.63 1.51%

Micron Technology Inc. (MU) $118.80 1.43%

Biomarin Pharmaceutical Inc. (BMRN) $87.74 1.41%

Vodafone Group Plc ADS (VOD) $8.68 1.40%

Fiserv Inc. (FI) $158.67 1.21%

Wynn Resorts Ltd. (WYNN) $100.58 1.18%

Nasdaq 100 - Fallers

Nvidia Corp. (NVDA) $925.61 -2.57%

Hasbro Inc (HAS) $54.61 -2.34%

Biogen Inc (BIIB) $212.02 -2.16%

CSX Corp. (CSX) $36.13 -1.93%

Baidu Inc. (BIDU) $103.66 -1.89%

Texas Instruments Inc (TXN) $167.91 -1.72%

JD.com, Inc. (JD) $26.36 -1.64%

Incyte Corp. (INCY) $56.55 -1.62%

KLA-Tencor Corp. (KLAC) $688.42 -1.62%

Microchip Technology Inc. (MCHP) $86.24 -1.61%