US Stock Market Ends Mixed on Tuesday as Investors Analyze Macro Data and Await Fed Decision
Market Summary
On Tuesday, the US stock market closed with mixed results as investors continued to monitor macroeconomic data and anticipate the upcoming Federal Reserve policy decision.
The Dow Jones Industrial Average advanced by 0.39%, or 133.94 points, to end the session at 34,145.05.
The S&P 500 index gained 0.16%, or 6.36 points, to close at 4,019.94.
However, the Nasdaq Composite index declined by 0.17%, or 22.50 points, to finish at 11,458.28.
Economic Data and Fed Decision
Investors closely examined a series of economic data released on Tuesday, including the Conference Board's Consumer Confidence Index, which rose to 108.3 in January from 105.7 in December.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index, a closely watched measure of home prices, increased by 5.8% year-over-year in November, slightly below the 6.3% increase recorded in October.
These economic data will likely be considered by the Federal Reserve when it concludes its two-day policy meeting on Wednesday, where it is widely anticipated to raise interest rates by a quarter of a percentage point.
Sector Performance
Among sectors, technology stocks faced some pressure, with the Nasdaq Composite underperforming the broader market.
The healthcare sector performed well, with shares of Johnson & Johnson, UnitedHealth Group, and Merck & Co. advancing.
Energy stocks also posted gains, boosted by higher oil prices. ExxonMobil and Chevron were among the top performers in the sector.
Individual Stock Movements
Shares of Tesla rallied by 3.7% after the electric vehicle maker announced plans to build a new factory in northern Mexico.
Amazon's stock declined by 1.6% despite the company's announcement of a stock split and a $10 billion share buyback program.
Meta Platforms, the parent company of Facebook, saw its shares rise by 0.6% after announcing a partnership with Microsoft to enhance its cloud computing offerings.
Conclusion
The US stock market displayed a mixed performance on Tuesday as investors absorbed economic data and awaited the Federal Reserve's decision on interest rates.
The Dow and S&P 500 managed to advance, while the Nasdaq Composite ended lower, reflecting sector rotation and profit-taking ahead of the Fed meeting.
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