Wall Street drifted to a mixed finish Tuesday following the latest signal that the US economy remains solid, though perhaps too strong for the Federal Reserve's liking.
- The S&P 500 edged down by 0.43, which is well less than 0.1%, to 4,373.20 after flipping between small gains and losses through the day.
- The Dow Jones Industrial Average added 13.11 points, or less than 0.1%, to 33,997.65.
- The Nasdaq composite fell 34.24, or 0.3%, to 13,533.75.
Financial markets have been shaky in recent weeks due to worries about war in the Middle East and its potential impact on oil prices. But those worries have receded a bit to put the focus back on what usually drives the stock market's long-term movements: where interest rates, the economy and corporate profits are heading.
A report on Tuesday showed shoppers spent more at US retailers last month than economists expected. That's a sign of a healthy economy and likely a result of a still-solid job market, which should help to support profits at companies. But a too-hot economy could also give inflation more fuel and push the Fed to keep interest rates high to suffocate it. Such a move would hurt prices for stocks and other investments. A 3.2% drop for Nvidia and 0.9% slip for Apple were the two heaviest weights on the S&P 500 Tuesday.
Nvidia and other chipmakers were under extra pressure after the US government broadened restrictions to stop China from acquiring advanced computer chips and the equipment to manufacture them. Bank of America was helping to lead the market with a 2.3% gain after it beat Wall Street's profit forecasts for the third quarter. Bank of New York Mellon rose 3.8% after it also reported stronger profit than expected for the latest quarter. Wyndham Hotels & Resorts rose 9% after rival Choice Hotels International said it wants to buy the company for $90 per share in cash and stock, valuing it at $7.8 billion. Choice shares fell 6.8%.
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