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The Dow Jones Industrial Average ticked higher Tuesday as traders looked toward fresh U.S. inflation data following the release of a lighter-than-expected producer price index report.
The 30-stock index soared 221.16 points to 42,518.28
The S&P 500 Index beat breakeven 6.69 points to 5,842.91.
The NASDAQ faltered 43.71 points to 19,044.39.
Big Tech stocks slipped on Tuesday, weighing on the S&P 500 and NASDAQ. Nvidia dropped nearly 2%, and Meta Platforms fell 3%. However, investors flocked toward utilities, industrials and financials, with each sector up about 1%.
On the earnings front, banking behemoths will kick off fourth-quarter earnings season this week, with JPMorgan Chase, Citigroup, Goldman Sachs and Wells Fargo posting results on Wednesday. Morgan Stanley and Bank of America are slated to report on Thursday.
The producer price index, which measures wholesale inflation, increased just 0.2% in December, according to a Bureau of Labor Statistics report. Economists polled by Dow Jones had estimated a 0.4% rise. Core PPI, which excludes food and energy, was flat.
Investors are now looking toward Wednesday’s consumer price index report for insights on the Federal Reserve’s next move on interest rate policy.
Prices for the 10-year Treasury gained ground, reducing yields to 4.79% from Monday’s 4.79%. Treasury prices and yields move in opposite directions.
Oil prices handed back a dollar to $77.82 U.S. a barrel.
Prices for gold recovered $11.00 an ounce to $2,689.60 U.S.
