Stocks edged lower during midday trading on Tuesday as traders maintained a cautious stance in anticipation of the highly awaited Consumer Price Index (CPI) report scheduled for Wednesday, which could offer crucial insights into the potential course of actions by the Fed.
The consensus expectation among Wall Street analysts is that the annual CPI rate to edge slightly higher from 3.2% to 3.4% in March, mainly due to rising gasoline prices. Core inflation, which excludes food and energy items, is anticipated to inch lower, from 3.8% to 3.7%.
The S&P 500 index declined by 0.2%, dragged down by financials, industrials, and energy stocks, while the tech sector remained flat. The Dow lost 0.4%, while small caps managed to inch 0.1% higher.
Treasury yields moved slightly lower amid rising demand for bonds, with the iShares 20+ Year Treasury Bond (NASDAQ:TLT) rising by 0.8%.
Gold prices inched 0.2% higher to $2,343, after breaking fresh record highs earlier in the session.
Bitcoin (CRYPTO: BTC) witnessed heightened volatility, with the largest cryptocurrency declining by 4.6%.
Tuesday’s Performance In Major US Indices, ETFs
| Major Indices & ETFs | Price | 1-day %chg |
| Russell 2000 | 2,071.82 | 0.1% |
| Nasdaq 100 | 18,089.43 | -0.1% |
| S&P 500 | 5,191.62 | -0.2% |
| Dow Jones | 38,770.96 | -0.4% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.2% to $517.42, the SPDR Dow Jones Industrial Average (NYSE:DIA) was 0.3% lower at $387.75 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) edged 0.1% lower to $440.24, according to Benzinga Pro data.
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:XLRE) outperformed, up 0.7%, while the Financials Select Sector SPDR Fund (NYSE:XLF) was the laggard, down 0.8%.
Tuesday’s Stock Movers
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