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The major market averages were mixed on Tuesday, a day after a selloff in the technology sector dragged Nasdaq to its worst day in about two months.
Early on and the Nasdaq Composite (COMP:IND) was +0.5%, the S&P 500 (SP500) was +0.2%, and the Dow (DJI) was -0.1%.
The 10-year Treasury yield (US10Y) was up 1 basis point to 4.25%. The 2-year yield (US2Y) was up 1 basis point to 4.74%. See how other yields trade across the entire yield curve here.
Wall Street’s major market averages closed out Monday’s trading session mixed, as yields saw limited moves and the tech sector suffered. Chipmaker Nvidia’s (NVDA) shares ended lower, making it the third-straight session in which the semiconductor giant has lost ground.
“Nvidia has been driving markets again over the last 24 hours,” Deutsche Bank’s Jim Reid said.
Other AI-related companies such as Qualcomm (QCOM) and Super Micro Computer (SMCI) also closed in the red.
There is a slew of economic releases today. The Chicago Fed National Activity Index perked up in May as it was helped by production.
The April Case-Shiller home price index and the FHFA house price index also both arrived. The Case-Shiller index for 20 cities came in at +0.4% M/M versus the +0.3% prior figure. The FHFA House price index gained 0.2% M/M in April, which was slower than the 0.3% rise that was expected.
Traders will also keep a keen eye on the June consumer confidence report, which is expected to tick down to 100.
“The Conference Board consumer sentiment poll will be distorted by political polarization,” UBS’ Paul Donovan said.
“The drop in confidence over the past few months, despite a surging stock market, lower gas prices, and mortgage rates holding relatively steady, is remarkable, and suggests a genuine deterioration in the backdrop for consumers,” Pantheon Macroeconomics said.
The June Richmond manufacturing index will land at the same time, and is anticipated to come at -3.
“Only six economists forecast the Richmond Fed manufacturing sentiment survey, and now is not the time to start giving the figures any attention,” Donovan added.
The results of the $69B, 2-year note auction is also expected later in the day today.