US stocks mixed after lacklustre data
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: AFP
NEW YORK - Wall Street stocks finished mixed on Feb 27, with the Nasdaq rising following downcast US consumer confidence and durable goods data.
The Conference Board reported a bigger than expected drop in consumer confidence in February, as survey participants expressed more concern about the labour market and the US political environment.
Meanwhile, new durable goods orders for January decreased by 6.1 per cent to US$276.7 billion (S$370 billion), a larger than anticipated fall and a negative sign for business investment.
The Dow Jones Industrial Average slipped 0.3 per cent to 38,972.41.
But the broad-based S&P 500 rose 0.2 per cent to 5,078.18, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 16,035.30.
Markets are pricing in fewer Federal Reserve interest rate cuts in 2024, noted Goldman Sachs chief executive David Solomon, who told a financial conference that a recession was still possible.
“The market is way weighted to a very soft landing,” Solomon said. “And when you look at the pattern effects for the last three or four years, it’s hard for me to see it’s going to be that simple.”
Among individual companies, Macy’s jumped 3.4 per cent as it announced plans to close 150 “underproductive” locations in an effort to jumpstart profits.
Chevron fell 1.5 per cent after disclosing that its proposed US$53 billion acquisition of Hess could be at risk if the control of a key oil asset is successfully challenged by rival petroleum giants.
The issue concerns Hess’s 30 per cent stake in a Guyana field that partners ExxonMobil and Cnooc have asserted a right to purchase. Chevron, which disputes the claim, said it still expects the deal to close.
Apple rose 0.8 per cent following a Bloomberg report that the tech giant cancelled its electric vehicle research and is steering funds instead to artificial intelligence. AFP