Traders work on the floor of the New York Stock Exchange on March 20, 2024.
Spencer Platt | Getty Images
The S&P 500 fell for a third consecutive session on Tuesday.
The broader market index slid 0.28% to close at 5,203.58, while the Nasdaq Composite lost 0.42%, finishing at 16,315.70. The Dow Jones Industrial Average inched down by 31.31 points, or 0.08%, to settle at 39,282.33. All three closed at a record on Thursday, which brought the Dow closer to the 40,000 level.
A varied group of stocks moving higher on Tuesday included Tesla, which gained nearly 3% in a turnaround for the electric vehicle manufacturer that has so far floundered this year. Shares of Seagate Technology rose about 7.4% after an upgrade to overweight at Morgan Stanley on optimism over artificial intelligence. Krispy Kreme rallied 39% after the doughnut retailer announced it would expand its partnership with McDonald’s.
“The market’s broadening out, it’s bringing in more of those cyclical sectors and that’s underpinned by the data that’s coming in that suggests the economy is still in good shape but that inflation is still positive and still above target,” said Tom Hainlin, senior investment strategist at U.S. Bank Asset Management.
Economic data out Tuesday was mixed, showing stronger-than-expected orders for durable goods, but waning consumer confidence.
It should be a relatively quiet shortened week to wrap up the month, said Ross Mayfield, investment strategy analyst at Baird. Investors are largely lying in wait before the release of the latest personal consumption expenditure and labor market openings readings.
The major averages are on pace for their fifth-straight winning month. The broad market index is up more than 2% in March. The Nasdaq Composite is toting a 1.4% advance for the period, while the Dow is up 0.7%.