US MARKET UPDATE

🇺🇸 US MARKET UPDATE

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S&P 500 is little changed as Wall Street attempts to move back toward record levels

The S&P 500 was little changed on Tuesday following a sell-off spurred by higher bond yields and worries that the Federal Reserve may not cut rates as much as Wall Street had hoped.

The broad market index hovered near the flatline, while the Nasdaq Composite dipped 0.15%. The Dow Jones Industrial Average rose 65 points, or less 0.2%.

Eli Lilly popped 4% on strong earnings driven by weight loss drugs, while shares of Palantir Technologies surged 19% after the company posted a revenue beat in the fourth quarter. NXP Semiconductors rose more than 1% on better-than-expected results.

On Monday, the S&P 500 lost 0.3%, pulling back from its record high reached last week. The decline in stocks came after Federal Reserve Chair Jerome Powell reaffirmed that a rate cut at the central bank’s March meeting is unlikely, and as bond yields rose.

On the economic front Tuesday, Wall Street will be keeping an eye out for the New York Fed’s household debt and credit report for the fourth quarter. Several central bank speakers are slated to give comments, including Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins.

Tuesday marks around the halfway point of the earnings season, with reports from Amgen, Chipotle Mexican Grill and Ford after the bell.