Stock Market Today: S&P 500 closes higher as tech cuts losses, retailers shine
Investing.com-- The S&P 500 closed higher Tuesday, as dip buyers helped tech cut some losses and better-than-expected quarterly results from Macy's and Lowe's pushed retail stocks higher ahead of a key inflation report later this week .
By 16:00 ET (21:00 GMT), The S&P 500 gained 0.2%, the NASDAQ Composite rose 0.4%, and the Dow Jones Industrial Average fell 96 points, or 0.3%.
Lowe’s (NYSE:LOW) started the ball rolling earlier Tuesday, reported fourth-quarter net sales that topped Wall Street estimates despite an ongoing slowdown in spending on home improvement projects. Its stock rose nearly 2%.
Macy’s (NYSE:M) stock rose 4% after the Bloomingdale's owner unveiled strategy overhaul aimed at creating a «more modern» business, as it has been struggling with weak demand as shoppers, squeezed by high inflation and elevated interest rates, pull back spending on discretionary items.
The duo of reports come amid a busy week for quarterly earnings from retailers including TJX Companies (NYSE:TJX) and Best Buy (NYSE:BBY) set to release quarterly earnings this week.
Consumer confidence unexpectedly fell to 106.7 in February from 110.9 the prior month, marking a three-month low, as the impact of inflation continue to weigh on consumers.
«Similar to businesses curtailing investment amid a still positive but uncertain outlook for the economy as well as monetary and fiscal policy, consumers are growing less confident, Stifel said in a note.
Durable goods orders, meanwhile, fell more than expected in January amid a sharp drop in bookings for commercial aircraft, falling 6.1% last month.
The duo of reports come a Fed officials continue to urge caution on cutting rates too soon.
»With inflation running above target, labor markets
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