S&P500 Ends Lower on Wall Street as Investors Await Federal Reserve Updates and Key Inflation Data

S&P500 Ends Lower on Wall Street as Investors Await Federal Reserve Updates and Key Inflation Data

Investing.com — The S&P 500 Index pared gains to close Tuesday, as investors digested data showing U.S. consumer confidence fell to its lowest level since November, just ahead of further remarks from stakeholders from the Federal Reserve and a key inflation report later this week.

At 4:00 p.m. ET (8:00 p.m. GMT), it fell 31 points, or 0.2%, fell 0.2% and fell 0.4%.

Consumer confidence falls to lowest level since November; Fed’s Waller in focus

The rate fell to 104.7 from a downwardly revised 104.8, the lowest reading since November 2023.

With consumer confidence a leading indicator of consumer spending, which drives most economic growth, new signs of a consumer slowdown have supported bets for a rate cut soon. June.

Traders believe there is at least a 70% chance that the Fed will begin its easing cycle in June, according to the CME FedWatch tool, compared to the nearly 59% chance seen at the start of last week.

The data arrived just days later, the Fed’s preferred inflation gauge, expected this Friday, when markets are closed.

Along with the inflation data, a series of Fed officials are also expected to speak this week, with a particular focus on Fed Governor Christopher Waller due on Wednesday and Fed Chair Jerome Powell on Friday .

Nvidia chips are running out of steam but remain close to the record; Tesla rebounds

Market darling NVIDIA Corporation (NASDAQ:) closed 2.6% lower after rising more than 1% to a daily high of $963.75, just below a previous intraday high of 947 $.

Still, other chipmakers gained the upper hand, with Seagate Technology (NASDAQ:) up 6% after Morgan Stanley upgraded the overweight data storage company to equal weight and raised its target courses from $73 to $115.

Shares of Tesla (NASDAQ:) rose 3% as the electric car maker prepares to offer its U.S. customers a month’s free trial of its driver assistance technology, Full Self-Driving, CEO Elon Musk said Monday.

UPS collapses despite optimistic forecasts; Trump Media & Technology Group makes its stock market debut

Additionally, United Parcel Service (NYSE:) fell 8% after the delivery giant forecast better-than-expected consolidated revenue for 2026, as it strives to aggressively cut costs and conquer market shares.

Trump Media & Technology Group Corp (NASDAQ:), parent company of former President Donald Trump’s Truth Social app, jumped 16% in its stock market debut following a merger with a blank check company. Acquisition of the digital world .

In other news, Krispy Kreme Inc (NASDAQ:) rose 39% after reaching a deal to sell donuts at McDonald’s (NYSE:) restaurants later this year, with plans to expand the offering nationwide by the end of 2026.

(Peter Nurse and Ambar Warrick contributed to this article.)

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