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U.S. stocks rose on Tuesday as markets looked to extend the record gains that were talked about on Wall Street in the first quarter of this year.
The S&P 500 (^GSPC) rose about 0.3% and the Dow Jones Industrial Average (^DJI) rose about 0.2%. The Nasdaq Composite Index (^IXIC), which has a high proportion of high-tech stocks, rose more than 0.3% to take the top spot.
Wall Street took a break from Monday’s gains, with all three major indexes slightly lower. But the latest signal from Oppenheimer Asset Management strategist John Stoltzfus is that he raised his 2024 S&P 500 price target to a street high of $5,500, adding to the bullish mood.
On Tuesday, the focus shifted to economic data. Durable goods orders rebounded during February, rising 1.4% last month on higher orders for transportation equipment and machinery, according to the Commerce Department’s Census Bureau.
In other economic news, the S&P CoreLogic Case-Shiller National Home Price Index rose 6% in January from a year earlier, up from a 5.6% rise in December. January’s annual growth rate was the highest since 2022.
Meanwhile, a new survey of US consumer confidence showed that consumers are losing confidence in the future state of the US economy.
New data released Tuesday morning showed the Conference Board’s March Consumer Confidence Index stood at 104.7, little changed from February’s revised reading of 104.8.
However, the “Expectations Index,” which measures consumers’ short-term outlook regarding income, businesses, and labor market conditions, fell to 73.8 in March from 76.3 the previous month. Historically, a reading below 80 in this category signals a recession next year.
All of this week’s data will serve as an appetizer to the main event on Friday, when the government releases the Personal Consumption Expenditure Price Index, also known as the PCE. This includes the Fed’s preferred view of the pace of inflation in the form of “core” PCE growth.
In corporate news, former President Donald Trump’s social media company is set to debut on Wall Street after merging with Digital World Acquisition Corporation. Trump Media & Technology Group (DJT) shares rose more than 40% in early trading.
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Consumers are losing confidence about the economic future
Consumers are less confident about the future state of the U.S. economy, according to new data released Tuesday morning.
The Conference Board’s Consumer Confidence Index for March was 104.7, little changed from February’s revised reading of 104.8.
The preliminary figure for February was 106.7. This is the first time since November that confidence has declined. Economists polled by Bloomberg had expected the March figure to be 107.
On the positive side, the Current Situation Index, which measures consumers’ evaluation of current business and labor market conditions, rose from 147.6 in February to 151 in March.
However, the “Expectations Index,” which measures consumers’ short-term outlook regarding income, businesses, and labor market conditions, fell to 73.8 in March from 76.3 the previous month. Historically, a reading below 80 in this category signals a recession next year.
“Consumers’ assessment of the current situation improved in March, but they became more pessimistic about the future,” said Dana Peterson, chief economist at the Conference Board.
“Confidence among consumers 55 and older increased, but worsened among those under 55. Separately, consumers in the $50,000 to $99,999 income group showed a rise in confidence in March. reported a decline in confidence, while confidence improved slightly in all other income groups,” Peterson added. “However, over the past six months, confidence has remained flat, with no real trends upward or downward by income or age group.”
*Shaded areas indicate recessions (Source: The Conference Board) -
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