Stocks fell for the fourth consecutive session on Tuesday as weak consumer confidence data fueled concerns about the strength of the U.S. economy. The S&P 500 declined as investors reacted to the latest economic reports, while tech-heavy Nasdaq took a hit, led by a sharp pullback in Nvidia.
Market Recap
- S&P 500: Down 0.8%
- Dow Jones Industrial Average: Down 0.6%
- Nasdaq Composite: Down 1.2%
The market struggled to regain footing as the latest Conference Board Consumer Confidence Index showed a decline in sentiment, coming in at 103.2 for February, down from January’s 106.4. The report highlighted persistent concerns over inflation, rising interest rates, and job security.
Tech Stocks Under Pressure
Nvidia (NVDA), which has been one of the strongest performers in the AI boom, dropped 4.5% as investors took profits following its meteoric rise. The selloff in the chip sector also dragged down other semiconductor stocks, with AMD and Broadcom falling 3.1% and 2.8%, respectively.
Bond Yields Rise, Adding to Market Pressure
Treasury yields climbed as investors weighed the Federal Reserve’s next steps on interest rates. The 10-year Treasury yield ticked up to 4.35%, reflecting expectations that rates may remain higher for longer if economic uncertainty persists.
What’s Next?
Investors are now awaiting key inflation data set for release later this week, as well as Federal Reserve Chair Jerome Powell’s upcoming speech, which could offer insights into the central bank’s policy outlook.
Stay tuned for more live updates as the market reacts to economic developments.
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