The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.25%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.51%. March E-mini S&P futures (ESH26) rose +0.26%, and March E-mini Nasdaq futures (NQH26) rose +0.52%.
Stocks finished higher on Tuesday amid strength in chipmakers and travel stocks. Also, lower bond yields were supportive of stocks, as the 10-year T-note yield fell -2 bp to 4.20% after the ADP weekly employment change for the four weeks ended February 28 increased by +9,000, the smallest increase in five weeks, a sign of a slowdown in hiring by US employers. Stocks also found some support after Tuesday’s report showed US Feb pending home sales unexpectedly rose +1.8% m/m, stronger than expectations of a -0.6% m/m decline.
