Stocks opened a touch higher on Tuesday as Wall Street awaited the latest update on consumer confidence.
The Dow Jones Industrial Average was up 78 points, or 0.2%. The S&P 500 was up 0.2%. The Nasdaq Composite rose 0.1%.
The yield on the 2-year Treasury note was up to 4.05%. The 10-year yield was up to 4.35%.
The Census Bureau will release its latest update on consumer confidence at 10 a.m. ET. Given recent declines in sentiment data, the report will be a key release to watch from Wall Street.
Yesterday, the S&P 500 rallied for the second Monday in a row. The index also moved back above its 200-day moving average, which is a key level technical analysts watch. Frank Cappelleri, founder of technical analysis firm CappThesis, told Barron’s that the last time the S&P undercut its 200-day moving average was in October 2023.
“When it rallied back above the line in early November [2023], it set the stage for a strong advance that lasted for many months,” Cappelleri says. “That’s a clear positive. The concern, however, is whether [Monday’s] action will lead to a similar upside follow-through.”