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🇺🇸 US MARKET UPDATE

Stocks open mixed with Nasdaq falling for a second day, but the Dow is higher

U.S. stocks struggled for direction during morning trading Tuesday as the market awaits key inflation data later this week.

The Dow Jones Industrial Average gained 74 points, or about 0.2%. The S&P 500 dipped 0.1%, while the Nasdaq Composite was down less than 0.1%.

As of Tuesday morning, about 300 S&P 500 components have reported, with 77% exceeding earnings estimates and 75% topping revenue expectations, according to FactSet. However, the strong results have not been enough to dig the market out of the hole created by January’s slide, and weak forward guidance may be part of what is holding back a rebound.

Treasury yields hit fresh pandemic-era highs Monday and rose again Tuesday. The benchmark 10-year Treasury note most recently yielded 1.96%, a level not seen since November 2019.

On Thursday the Labor Department will release January’s consumer price index data. The reading follows a stronger-than-expected January jobs report, which has led to speculation that the Federal Reserve could be more aggressive when it comes to hiking rates. The inflation data is expected to show that prices rose 0.4% in January, for a 7.2% gain from one year ago, which would be the highest in almost 40 years.

During trading on Monday the S&P 500 slid 0.37%, while the Nasdaq Composite shed 0.58%. Both traded higher earlier in the day, before reversing course during the final hour of trading. Each index managed to close above its worst level of the session, however.

The Dow Jones Industrial finished Monday’s trading session just 1 point higher. At one point the 30-stock benchmark had added 235 points. At the lows of the day, the Dow declined by about 95 points.