U.S. stocks managed well in spite of a severe fall in consumer confidence.
The Conference Board Consumer Confidence Index dropped to 92.9, a fall of approximately seven points from the previous month and somewhat below economists’ predictions. Projections regarding future earnings, business conditions, and employment opportunities were at a 12-year low.
Yet, equities matched the prior session, boosted by optimism the next round of Trump administration tariffs won’t be as grim as feared.
Market Highlights:
Equities: Big indexes split. The Nasdaq Composite crept higher, but the S&P 500 and Dow Jones Industrial Average were essentially unchanged.
Fixed Income: Treasury yields retreated following Monday’s spike, powered by improved economic mood. The 10-year U.S. Treasury yield remained above 4.3%.
Corporate Performance: Tesla’s sales in the European Union fell 47% in February, causing its stock to fall slightly after Monday’s solid rally.
Global Markets: European and Japanese stocks advanced, with the Stoxx Europe 600 and Nikkei 225 advancing. Hong Kong’s Hang Seng Index fell over 2%, and the Shanghai Composite closed flat.
Commodities & Cryptocurrency: Bitcoin fluctuated around $88,000, and gold climbed to approximately $3,025 an ounce.
By Editor-in-Chief, Timothy Gocklin, MBA,MSF
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