Tuesday saw a mixed bag of results for US stocks. While the S&P 500 and Dow Jones Industrial Average eked out gains, the tech-heavy Nasdaq took a slight tumble. What’s driving this market seesaw?
Softer-than-expected retail sales and producer price index (PPI) data are fueling speculation that the Federal Reserve might consider cutting interest rates as early as December. This hope is a double-edged sword. While lower rates could stimulate growth, weak economic data also raises concerns about a potential slowdown.
Consumer stocks got a shot in the arm thanks to impressive earnings reports from retail giants like Abercrombie & Fitch and Kohl’s. However, chipmakers faced headwinds, dragging down the Nasdaq. This divergence highlights the complex dynamics at play in the current market.
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