Closing Stock Market Summary
The major indices closed at or near session lows, moving further from recent record highs. The market was trading higher for the majority of today's session before selling picked up in the late afternoon. The S&P 500 closed just above the 5,200 level, down 0.3% from yesterday.
The afternoon downturn coincided with some mega cap names and chipmakers either extending early losses or slipping into negative territory. Meta Platforms (META 495.89, -7.13, -1.4%), NVIDIA (NVDA 925.61, -24.41, -2.6%), and Broadcom (AVGO 1331.49, -20.09, -1.5%) were standouts in that respect. The Vanguard Mega Cap Growth ETF (MGK) fell 0.4% and the PHLX Semiconductor Index (SOX) slid 0.8%.
Still, downside moves were relatively modest, reflecting normal consolidation activity after a big run recently. The Invesco S&P 500 Equal Weight ETF (RSP) declined just 0.1%.
Only one of the S&P 500 sectors fell more than 1.0% -- utilities (-1.1%) -- while the health care (+0.3%), financial (+0.2%), and consumer staples (+0.1%) sectors logged gains. Aside from utilities, the energy (-0.8%) and information technology (-0.8%) sectors saw the largest declines.
Treasury yields initially moved higher in response to this morning's economic data, but ultimately settled lower. The 10-yr note yield was at 4.23% just before 8:30 ET, but moved as high as 4.27% today. It settled at 4.23%.
Market participants were reacting to an above-consensus Durable Orders report for February and a weaker than expected Consumer Confidence Index for March that was little changed from February's revised reading.
- S&P 500:+9.1% YTD
- Nasdaq Composite: +8.7% YTD
- S&P Midcap 400: +7.3% YTD
- Dow Jones Industrial Average: +4.2% YTD
- Russell 2000: +2.1% YTD
Review today's economic data:
- February Durable Orders 1.4% (Briefing.com consensus 1.3%); Prior was revised to -6.9% from -6.1%; February Durable Goods -ex transportation 0.5% (consensus 0.4%); Prior -0.3%
- The key takeaway from the report is that business spending rebounded after a poor January as nondefense capital goods orders increased 4.4%.
- January FHFA Housing Price Index -0.1%; Prior 0.1%
- January S&P Case-Shiller Home Price Index 6.6% (consensus 6.7%); Prior was revised to 6.2% from 6.1%
- March Consumer Confidence 104.7 (consensus 106.7); Prior was revised to 104.8 from 106.7
- The key takeaway from the report is that it showed little overall change in sentiment, which has been consistent with the University of Michigan's Consumer Sentiment survey.
Wednesday's economic calendar includes:
- 7:00 ET: Weekly MBA Mortgage Index (prior -1.6%)
- 10:30 ET: Weekly crude oil inventories (prior -1.95 mln)