Wall Street's directionless drift continued on Tuesday as investors awaited the release of crucial inflation data on Wednesday.
The S&P 500 remained unchanged after a slight pullback from its recent all-time high, while the Dow Jones Industrial Average declined by 0.3% and the Nasdaq composite gained 0.4%.
The tech sector faced pressure, with Oracle's stock plummeting by 9.2% despite record demand for its cloud infrastructure. C3.ai also saw a downturn, revising its forecast for a larger anticipated loss.
Traders are closely watching upcoming economic indicators that could impact monetary policy. Treasury yields edged higher in anticipation of the inflation report, with economists predicting increases similar to the previous month.
The housing market continues to face challenges despite interest rate cuts, impacting homebuilder stocks.
Eli Lilly, on the other hand, experienced positive growth in the healthcare sector.
Internationally, stock markets displayed mixed results, particularly in China.
As Wall Street awaits the inflation report, cautious optimism prevails as investors monitor economic indicators that could shape monetary policy and market performance. The interplay between technology, housing, and healthcare sectors will be pivotal in determining the overall health of the market.