Stock Market Today: Dow Rises While S&P 500, Nasdaq Turn Mixed as Investors Eye Retail Sales & Inflation Data
The Dow climbed while the S&P 500 and Nasdaq turned mixed as investors closely watched upcoming retail sales and inflation data. Here’s the latest stock market update and what key economic indicators signal for the days ahead.
Traders monitor market movements as the Dow rises and the S&P 500 and Nasdaq show mixed trends amid anticipation of retail sales and inflation data.
US stocks traded mixed on Tuesday as investors assessed fresh retail sales numbers, wholesale inflation data, and signals that the Federal Reserve may deliver a rate cut next month. The session saw sharp sectoral swings, especially in big tech, which struggled to extend Monday’s strong rebound.
The Dow Jones Industrial Average gained 0.6%, the S&P 500 remained largely flat, and the Nasdaq Composite slipped 0.3%, pressured by a drop in semiconductor stocks.
Tech Stocks Under Pressure as Meta Explores Google AI Chips
Shares of Nvidia fell over 4% after reports suggested Meta is considering investing billions into Google’s AI chips, posing a fresh challenge to Nvidia’s AI hardware dominance.
The decline weighed on the broader Nasdaq despite gains for Alphabet and Alibaba, which posted strong AI-driven quarterly earnings.
Despite Monday’s tech rally—the Nasdaq’s best day since May—major US indices remain on track for monthly losses as investors reassess valuation risks in high-growth AI names.
Fed Rate Cut Bets Strengthen
Markets are pricing in over 80% probability of a 25-basis-point rate cut in December, according to CME FedWatch.
Fed Governor Chris Waller’s comments supporting an easing cycle further boosted optimism.
However, the delayed economic data released Tuesday—due to the government shutdown—made it harder for investors to get a complete picture.
Retail Sales, Inflation Data Offer Mixed Signals
Shutdown-delayed data provided a first look at September consumer activity:
- Retail sales rose 0.2%, below expectations of 0.4%.
- Retail sales excluding autos and gas increased just 0.1%.
- Producer Price Index (PPI) rose 0.3% MoM and 2.7% YoY, matching expectations but reversing August’s surprise dip.
- The data adds complexity for the Fed, especially with no upcoming CPI report for October.
Oil & Natural Gas Prices Fall
Global energy prices dropped sharply following progress on a potential Ukraine-Russia peace plan and forecasts of a milder winter:
- Brent crude fell 1.9% below $62/barrel.
- WTI crude dropped 2% below $58/barrel.
- Natural gas futures slid 5.9% below $4.40/MMBtu, hitting their lowest levels since May 2024.
- Rising US dry gas production—projected to average 107.7 bcf/day in 2025—also contributed to downward pressure.
Retail Earnings: Best Buy, Kohl’s, Abercrombie Surge
A busy earnings calendar delivered several notable beats:
- Abercrombie & Fitch
- Stock jumped 18%+ pre-market.
- Net sales: $1.29B
- EPS: $2.36 (vs $2.16 expected)
Raised full-year guidance.
Best Buy
- Shares rose 3% pre-market.
- Q3 EPS: $1.40 (vs $1.30 expected)
- Revenue: $9.67B
Raised FY revenue and earnings outlook.
Kohl’s
- Stock surged 23% after Q3 results topped expectations.
- Both revenue and earnings exceeded forecasts.
- Updated full-year outlook to positive.
- Holiday-Shortened Week Ahead
- US markets will be closed Thursday for Thanksgiving and operate a shortened session Friday, closing at 1 p.m. ET.
Key upcoming releases include:
- FHFA home price index
- Consumer confidence index
- Pending home sales
- Richmond Fed manufacturing index
