US Stocks Hold in a Narrow Range
US stocks traded mixed within a narrow range on Tuesday as the market assessed earnings results and continued to gauge the outlook for monetary policy this year. The S&P 500 remained near the flatline, not far from last week's record, while the Dow Jones Industrial Average rose 100 points. The Nasdaq 100 edged down 0.3%. Home Depot jumped 3% to support the Dow Jones Industrial Average despite missing second-quarter earnings estimates, as the large home improvement retailer kept its annual forecast steady.
The store is the first of several retail giants reporting results this week, including Walmart, Target, and Lowe's, which will move the market and provide investors with an update on domestic consumption expectations. Meanwhile, Intel jumped 7% after SoftBank agreed to buy $2 billion worth of the company's equity, shortly after reports indicated the US government may also be planning to acquire a stake. Comments from Fed Chairman Powell are due later this week in Jackson Hole, along with the minutes of the FOMC meeting.
Source: Trading Economics
