Stocks were mixed Tuesday as Wall Street regained some stability at the tail end of what’s been a turmoil-filled month. The S&P 500 dipped 6.26 points, or 0.2%, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or 0.1,%, to 32,394.25, and the Nasdaq composite fell 52.76, or 0.4%, to 11,716.08. There was relative calm even in the bond market, which has been home to some of Wall Street’s wildest moves since fears flared about the banking system earlier this month, the AP reports. Yields were rising only modestly following their historic-sized moves in prior weeks.
Apple, Microsoft, and other Big Tech stocks were among the heaviest weights on the S&P 500 Tuesday after dipping modestly. On the winning side was McCormick & Co., which jumped 9.6% after the spices and seasonings company reported stronger profit and revenue for its latest quarter than analysts expected. Other stocks were mixed, including financial stocks that have had a turbulent month. Most of those in the S&P 500 rose, but some banks that investors have highlighted as most at risk fell after erasing gains from the morning. First Republic fell 2.3%, while PacWest Bancorp. was down 5%.
This month has been dominated by worries that banks around the world may be cracking under the pressure of much higher interest rates. But some calm has returned to the market recently after regulators made big moves to protect the system. That has much of Wall Street's attention back on interest rates and what central banks will do next with them. The Federal Reserve and other central banks have a tough decision: Inflation is still high, which would typically call for even higher interest rates. But the weakness for banks has shown some fragility in the system that higher rates could worsen. "I think the global central banks have put us in that middling zone, where we’re waiting for clarity on: Are they done?" says Rob Haworth, senior investment strategist at US Bank Wealth Management.
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