{"id":33148,"date":"2023-04-11T14:59:03","date_gmt":"2023-04-11T14:59:03","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/04\/11\/u-s-stocks-turning-in-lackluster-performance-as-traders-await-data\/"},"modified":"2023-04-11T14:59:03","modified_gmt":"2023-04-11T14:59:03","slug":"u-s-stocks-turning-in-lackluster-performance-as-traders-await-data","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/04\/11\/u-s-stocks-turning-in-lackluster-performance-as-traders-await-data\/","title":{"rendered":"U.S. Stocks Turning In Lackluster Performance As Traders Await Data"},"content":{"rendered":"
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With traders looking ahead to the release of key economic data in the coming days, stocks are turning in a relatively lackluster performance during trading on Tuesday.<\/p>\n

Currently, the tech-heavy Nasdaq is down 56.79 points or 0.5 percent at 12,027.56 and the S&P 500 is down 1.79 points or less than a tenth of a percent at 4,107.32, while the Dow is up 57.68 points or 0.2 percent at 33,644.20.<\/p>\n

A lack of major U.S. economic data may be keeping some traders on the sidelines ahead of the release of several key reports in the coming days.<\/p>\n

The Labor Department’s report on consumer price inflation in the month of March is due to be released tomorrow morning and could have a significant impact on the outlook for interest rates.<\/p>\n

Economists currently expect consumer prices to rise by 0.3 percent in March, while the annual rate of growth is expected to slow to 5.2 percent from 6.0 percent.<\/p>\n

Core consumer prices, which exclude food and energy prices, are expected to climb by 0.4 percent in March, although the year-over-year growth is expected to accelerate to 5.6 percent from 5.5 percent.<\/p>\n

Ahead of the report, CME Group’s FedWatch Tool is currently indicating a 69.5 percent chance the Federal Reserve will raise rates by a quarter point next month.<\/p>\n

Reports on produce price inflation, retail sales and industrial production are also likely to attract attention in the coming days.<\/p>\n

Earnings news may also drive trading later in the week, with financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) due to report their quarterly results on Friday.<\/p>\n

Steel stocks have moved sharply higher amid optimism about additional Chinese stimulus, driving eh NYSE Arca Steel Index up by 3.0 percent.<\/p>\n

Significant strength is also visible among airline stocks, as reflected by the 2.2 percent jump by the NYSE Arca Airline Index.<\/p>\n

Housing and gold stocks are also seeing considerable strength on the day, while software stocks have shown a notable move to the downside.<\/p>\n

In overseas trading, stock markets<\/span> across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index jumped by 1.1 percent, while Hong Kong’s Hang Seng Index climbed by 0.8 percent.<\/p>\n

The major European markets have also moved to the upside on the day. While the French CAC 40 Index has advanced by 0.9 percent, the U.K.’s FTSE 100 Index is up by 0.5 percent and the German DAX Index is up by 0.3 percent.<\/p>\n

In the bond market, treasuries have moved modestly lower over the course of the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.9 basis points at 3.434 percent. <\/p>\n<\/p>\n<\/div>\n