Wall Street’s main market gauges closed in negative territory on Tuesday, as investors took profits before important economic data releases on both sides of the Atlantic.
The Dow Jones Industrial Average fell 0.17% to close at 33,561.81, while the S&P 500 slipped 0.46% to 4,119.17.
At the same time, the tech-heavy Nasdaq Composite was down by 0.63% to close at 12,179.55.
The US consumer price index (CPI), a key gauge of inflation, was set to be released on Wednesday, giving investors insights into the Federal Reserve’s next monetary policy move.
Meanwhile, the Bank of England is also expected to announce its next interest rate decision.
In currency markets, the dollar weakened slightly against its major trading pairs, last falling 0.03% against sterling to trade at 79.22p, while it declined 0.01% on the euro to 91.21 euro cents.
The yen, meanwhile, also fell 0.04% against the greenback to change hands at JPY 135.17.
“Whilst the rest of the week might feel like a stuck record and one that’s kept markets pretty subdued today, airline stocks have soared amid upbeat investor sentiment,” said AJ Bell head of financial analysis Danni Hewson.
“Boeing’s share price felt the wind beneath its wings as a lengthy spat over price with Ryanair was finally put to bed.”
Hewson noted that the low-cost carrier – Europe’s largest airline – signed up for at least 150 new aircraft in a symbol of the optimistic outlook the company was expecting.
“The big question of the week is where will the US inflation number fall and how will markets react.”
Small business confidence reaches 10-year low in April
On the economic front, the National Federation of Independent Business (NFIB) reported that small business confidence dipped to a 10-year low in April as entrepreneurs lost faith in their economic outlook, sales, and earnings.
The NFIB‘s confidence index fell from 90.1 in March to 89.0 in April, which is below the consensus estimate of 89.7.
In China, exports exceeded expectations in April, although growth slowed, while imports decreased again.
Exports rose by 8.5% year-on-year to $295.42bn, up from a 14.8% increase in March, surpassing expectations of a 6.4% rise.
Imports, meanwhile, dropped 7.9% to $205.21 billion, a further decline from the 1.4% decrease recorded in March, and below expectations of a 0.1% decline.
China’s total trade surplus was $90.2bn for April, up from $88.19 billion in March.
On British shorts, the BRC-KPMG retail sales monitor showed that retail sales in April increased as shoppers continued to feel the impact of inflation.
Total sales rose 5.1% last month, remaining unchanged from March, while like-for-like sales rose 5.2% compared to a 4.9% increase in March and a 1.7% decline in April 2022.
Finally on data, Halifax released figures showing that UK house prices fell in April, after three consecutive months of growth.
On a monthly basis, prices declined by 0.3% to £286,896, down from a 0.8% increase in March.
Year-on-year, house prices grew by just 0.1% in April, down from a 1.6% increase in March.
PayPal slides, Boeing ascends on big Ryanair order
In equities, Skyworks Solutions fell 5.15% after its third-quarter guidance fell short of expectations.
Skyworks projected revenue between $1.05bn and $1.090bn, which missed analysts’ estimates of $1.16bn.
PayPal Holdings saw a steep decline of 12.73%, despite raising its full-year earnings per share guidance.
On the upside, Palantir Technologies surged 23.39% after its first-quarter earnings report, which beat expectations.
The company also announced that it expects to report a profit in every quarter of this year.
Boeing also saw gains, with its stock increasing 2.34% after Ryanair placed an order for 300 new 737 MAX-10 jets, valued at more than $40bn.
Reporting by Josh White for Sharecast.com.
DOW JONES INDUSTRIAL AVERAGE -56.88 (-0.17%) 33,561.81
RISERS
Boeing +2.34% $201.88
Salesforce +1.66% $201.18
Home Depot +0.92% $290.58
Travelers Companies +0.65% $183.75
Visa +0.44% $233.26
Cisco Systems +0.28% $46.47
American Express +0.22% $153.38
Walmart +0.17% $152.98
Honeywell International +0.09% $197.13
McDonald’s Corporation -0.01% $296.66
FALLERS
Intel Corporation -2.18% $30.10
3M -1.5% $100.80
Nike -1.4% $125.10
Procter & Gamble -1.02% $153.71
Apple -1% $171.77
Dow -0.89% $53.67
Coca-Cola -0.83% $63.39
Merck & Co -0.8% $117.43
Johnson & Johnson -0.78% $161.05
Walt Disney Co -0.77% $102.18
S&P 500 -18.95 (-0.46%) 4,119.17
RISERS
Salesforce +1.66% $201.18
Johnson & Johnson +1.21% $163.00
Home Depot +0.92% $290.58
AT&T +0.85% $17.17
Meta Platforms +0.83% $235.30
Raytheon Technologies +0.76% $96.27
Visa +0.44% $233.26
Wells Fargo & Company +0.42% $38.54
PepsiCo +0.41% $194.14
Nvidia Corporation +0.36% $286.75
FALLERS
Comcast Corporation -2.39% $39.62
Danaher Corporation -1.71% $235.16
Broadcom -1.68% $618.51
Thermo Fisher Scientific -1.46% $534.66
Nike -1.4% $125.10
Procter & Gamble -1.02% $153.71
Eli Lilly & Company -1% $428.38
Merck & Co -0.8% $117.43
Walt Disney Co -0.77% $102.18
Texas Instruments -0.74% $163.00
NASDAQ 100 -90.53 (-0.68%) 13,201.11
RISERS
Atlassian Corporation +2.42% $133.15
Palo Alto Networks +2.26% $195.84
Zscaler +1.97% $110.05
Moderna +1.53% $133.77
Datadog +1.34% $79.59
Airbnb +1.13% $127.07
Zoom Video Communications +1% $63.56
Seagen +0.89% $200.00
Paychex +0.87% $107.25
Paccar +0.76% $73.33
FALLERS
PayPal Holdings -12.73% $65.91
Globalfoundries -9.31% $54.23
Lucid Group -5.58% $7.28
Sirius XM Holdings -5% $3.42
Enphase Energy -3.34% $157.83
Charter Communications -3.28% $339.00
MercadoLibre -2.84% $1,248.05
Analog Devices -2.66% $179.62
Marvell Technology -2.49% $39.99
Comcast Corporation -2.39% $39.62
