NEW YORK: Wall Street stocks were mixed early Tuesday as major retailers started reporting their financial earnings, while traders await Federal Reserve Chair Jerome Powell’s remarks at the end of the week.
Around 15 minutes into trading, the Dow Jones Industrial Average rose 0.4 percent to 45,084.70 while the broad-based S&P 500 Index was flat at 6,447.61.
The tech-heavy Nasdaq Composite Index fell 0.4 percent to 21,544.21.
The movements came shortly after home improvement company Home Depot reported results that missed expectations, although it reaffirmed its full-year outlook.
Wall Street muted as investors focus on retail earnings
Other big US retailers releasing earnings this week include Home Depot competitor Lowe’s, as well as consumer goods giant Walmart.
Markets are keeping a close eye on these reports for signs of how President Donald Trump’s tariffs this year are affecting businesses – and whether they are trickling down to consumers.
But “investors are pretty much on hold until Fed Chair Powell’s speech on Friday,” said Sam Stovall of CFRA Research.
All eyes are on Powell this week for hints on how the central bank might adjust interest rates at its next policy meeting in September.
“Conversations are emerging that the market could go through a pullback or correction depending on whether the Fed hints at a 50 basis point cut, 25 (basis points) or no cut,” Stovall added.
Meanwhile, any peace deal on Ukraine after European leaders’ talks in Washington on Monday could drag on share prices of defense stocks, Stovall noted. Leaders have been seeking an end to the war in Ukraine, more than three years since Russia’s invasion.
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