S&P 500 Backs Off Record After Tech Shares Drop
On Tuesday, the stock market had a mixed day. The S&P 500 went down a bit as tech stocks awaited earnings reports. However, the Dow Jones Industrial Average set a new record, boosted by gains in General Motors and MSCI. United Parcel Service shares dropped due to job cuts and lower revenue. On a positive note, consumer confidence rose according to the latest Conference Board's index. Now, investors are waiting for the Federal Reserve's interest rate decision and Chair Jerome Powell's remarks to understand where the market is headed. Chief Investment Officer Matt Dmytryszyn sums it up, saying, "I’m still trying to figure out what’s going on with earnings; it’s been a mixed trend, and we’re getting mixed messages."