Wall Street today: US stocks muted as investors await key economic data

US stocks were muted on Tuesday as investors were awaiting the key economic data such as inflation and retail sales due later in the week.

The Dow Jones Industrial Average rose 107.69 points, or 0.24 per cent, to 44,400.82, the S&P 500 gained 6.11 points, or 0.10 per cent, to 6,007.46, and the Nasdaq Composite gained 9.09 points, or 0.05 per cent, to 19,307.85.

The consumer price inflation data will be released on Wednesday, followed by producer prices inflation and retail sales data through this week.

Among the gainers, Tyson Foods stock jumped 8.1 per cent after topping analysts’ forecasts for third quarter profit.

Home Depot shares rose 0.3 per cent after beating profit expectations.

Industrial conglomerate Honeywell gained 5.2 per cent after activist investor Elliott Investment said it has built a stake worth more than $5 billion in the company.

Among the losers, electric vehicle maker Tesla shares lost 2.4 per cent, Trump Media & Technology Group stock plunged 6.6 per cent, and biotech firm Novavax dropped 9.1 per cent.

In the crypto market, bitcoin climbed another record high on Tuesday before paring some gains. The cryptocurrency touched a high of $89,995, according to CoinDesk.

Bitcoin miners MARA Holdings and Riot Platforms fell 3.5 per cent and 8.4 per cent, respectively.

In the bond market, the yield on the 10-year Treasury climbed to 4.38 per cent from 4.31 per cent late on Friday.

Crude oil

Oil prices were steady on Tuesday after OPEC lowers demand outlook.

Brent crude futures rose 50 cents, or 0.70 per cent, to $72.33 a barrel, by 1343 GMT. US West Texas Intermediate crude futures were up 49 cents, or 0.72 per cent at $68.53 a barrel.

OPEC cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year.

Bullion

Gold rose on Tuesday, with spot gold gaining 0.2 per cent at $2,624.17 per ounce by 0155 GMT. US gold futures addec 0.5 per cent to $2,630.10. Spot silver was little changed at $30.70 per ounce.