US equity averages were little changed on Tuesday as investors waited for the release of inflation data and further economic cues later this week.
At the time of writing, the Dow Jones Industrial Average was steady at 44,427.70 points, while the S&P 500 was at 6,053.44 points.
The Nasdaq Composite was also flat at 19,764 points.
David Morrison, a senior market analyst at Trade Nation, said:
Now is the time for fund managers and others to engage in a bit of window-dressing to put the brightest gloss on their portfolios. Of course, that could be seen as an overly complacent view.
It could be that investors are getting a bit nervous now, as stock indices trade near record highs and as market-leading equities are overvalued by many important measures.
The major averages fell on Monday with the S&P 500 index and the Nasdaq Composite dropped about 0.6%. Nasdaq fell on Monday as shares of NVIDIA Corporation slid.
The stock NVIDIA Corp was down on Tuesday as well after a Chinese regulator on Monday said it was investigating the company for possibly violating the country’s antimonopoly law.
In contrast, Meta Platforms, which also fell on Monday, was 1% higher today.
Investors are waiting for the release of the US consumer price index data on Wednesday.
The market will monitor the data closely to assess the Federal Reserve’s next move in terms of its monetary policy.
Sirius XM shares plunge
Shares of radio operator Sirius XM plunged more than 10% on Tuesday after the company appointed a new chief operating officer and also announced cost-cutting measures.
The firm said it will target an initial incremental $200 million of annualized savings as it exits 2025, citing “marketplace headwinds.”, according to a CNBC report.
The company said it will also move its marketing and other resources away from “high-cost, high-churn audiences in streaming”, as per the CNBC report.
Shares of Alaska Air Group jump
Share of Alaska Air Group rose nearly 14% after the carrier raised its fourth-quarter earnings forecast and authorised a $1 billion stock buyback.
The company now expects earnings to come in between 40 cents to 50 cents per share from its previous estimates of 20 cents to 40 cents per share.
Analysts at FactSet were expecting earnings of 49 cents per share for the fourth-quarter.
Oracle and NVIDIA slip
Shares of Oracle slipped nearly 8% on Tuesday after its quarterly revenue fell short of Wall Street expectations.
The company reported $14.06 billion in second-quarter revenue, which was below analysts’ expectations of $14.11 billion as per LSEG.
However, revenue was 9% higher compared with the previous year.
Meanwhile, shares of NVIDIA Corp extended losses after China launched an investigation into the company possibly violating the country’s antimonopoly law on Monday.
The stock was down nearly 2% on Tuesday after falling 2.6% in the previous session.
According to CNBC, this marks NVIDIA’s longest losing streak since September.
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