Traders Struggle to Reignite Rally as US Stocks Slip Before New Data and Powell Comments

The stock market took a slight dip on Tuesday, extending losses for a third consecutive session. However, the day also brought some positive news as February’s US durable goods orders rose for the first time in three months. Investors are now eagerly awaiting new personal consumption expenditures (PCE) data to be released on Friday, along with comments from Federal Reserve Chairman Jerome Powell.

The recent market drop follows a record-setting run last week after the Federal Reserve’s dovish March meeting. Over the past five months, momentum has driven equities higher, but in the last three days, investors seem to be taking a breather.

The Conference Board reported that consumer confidence remained steady, offering a glimmer of hope amidst the recent market turbulence. Looking ahead, analysts are projecting a 2.8% increase in core PCE, the Federal Reserve’s preferred inflation gauge.

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In addition to Powell’s comments on Friday, investors will also hear from other Fed officials including Governor Christopher Waller and San Francisco Fed President Mary Daly this week. The market will be closed on Friday for Easter holidays, but traders will still be closely watching for any hints of future monetary policy.

One notable event on Tuesday was the market debut of Donald Trump’s Truth Social, which soared 59% under the DJT ticker. As the day came to a close, here’s where US indexes stood:

– Oil prices dropped, with West Texas Intermediate crude slipping to $81.47 a barrel.
– Gold climbed to $2,176.61 per ounce.
– The 10-year Treasury fell two basis points to 4.23%.
– Bitcoin slumped to $69,848.

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As we wait for more updates on Friday, the markets are bracing for potential shifts in response to Powell’s statements. Stay tuned for more updates on Business Insider.

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