Stock Market Today: Stocks mixed; Macy's, Lowe's active; Bitcoin $57,000

Check back for updates throughout the trading day

U.S. stocks slipped lower Tuesday, matching similar moves in Treasury bond yields, as investors appear reluctant to extend the recent tech-led rally ahead of key economic data releases later in the week.

Updated at 9:50 AM EST

Softish open

The S&P 500 is down around 2 points at the open, with the Dow falling 103 points and the Nasdaq essentially unchanged as stocks ease in to what is likely to be a muted session on Wall Street, with eyes on Thursday's PCE inflation report. 

Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule:
Germany 40: 0.44%
France 40: 0.17%
US 500: 0.14%
Wall Street: -0.08%
FTSE 100: -0.14%
View the performance of all markets via https://t.co/2NUaqnUPED pic.twitter.com/ha88j9q0sn— DailyFX Team Live (@DailyFXTeam) February 27, 2024

Updated at 8:39 AM EST

Durables goods

Durable goods orders for the month of January showed a rare pullback in economic activity, with orders falling by a larger-than-expected 6.1%, lead to the downside by a slump in non-defense activity.

Stocks gave back earlier gains following the data release, with futures indicating a 3 point gain for the S&P 500 and a 27 point pullback for the Dow.

January durable goods orders (blue) -6.1% month/month vs. -5.0% est. & -0.3% prior (rev down from 0.0%); orders ex-transportation (orange) -0.3% vs. +0.2% est. & -0.1% prior (rev down from +0.5%) pic.twitter.com/3QVaTz2EVg— Liz Ann Sonders (@LizAnnSonders) February 27, 2024

Updated at 8:10 AM EST

Netflix winner

Netflix NFLX shares were marked 1.25% higher in pre-market trading following an upgrade from UBS analyst John Hodulik, who sees the streaming service emerging as the clear sector leader following a series of consolidation moves from rivals and its own plans to boost subscription costs and grow its ad business.

$NFLX | UBS raised Netflix PT to $685 from $570 while maintaining a Buy rating, citing the ‘ultimate beneficiary’ of media industry shifts.

"Sustainable double-digit growth ahead" for Netflix, says UBS.

Despite slower net adds, a "significant runway" remains as Netflix shifts…— Wall St Engine (@wallstengine) February 27, 2024

Stock Market Today

Stocks ended lower Monday, with the S&P 500 falling for the first time in four trading days, amid minimal headline drivers and a light calendar for corporate and economic releases.

Treasury yields, however, were active in the wake of two benchmark auctions, which saw record sales of 2-year and 5-year notes over the same session. 

The overall $127 billion in supply was taken down relatively smoothly, however, with only a modest dip in demand metrics, suggesting that investors are content to remain cautious over the coming days, and possibly weeks, until they get more clarity from the Federal Reserve on its near-term interest-rate path.

Kansas City Fed President Jeffrey Schmid, speaking to an event in Oklahoma last night, suggested investors will need to settle in for a good few weeks before that happens, given the strength of the economy, the resilience of the labor market and elevated inflation. 

“I believe that the best course of action is to be patient, continue to watch how the economy responds to the policy tightening that has occurred, and wait for convincing evidence that the inflation fight has been won,” Schmid said.

The CME Group's FedWatch suggests no chance of a Fed rate move in March and only a 17.4% chance of a reduction in the central bank's main lending rate in May.

Traders are, however, betting on rate cuts to begin in June, assigning a 53.3% chance of a quarter point reduction and a 9.6% chance of a half-point cut.

On Wall Street, stocks look set for another muted open, with only a few blue-chip names seeing action in premarket trading, including Lowe's Companies  (LOW) , which edged 0.6% lower after posting better-than-expected January-quarter earnings but issuing a muted 2025 sales forecast.

Coinbase Global  (COIN)  was also active, along with Robinhood Markets  (HOOD) , after bitcoin prices topped the $57,000 mark for the first time since 2021 as the world's largest digital currency continues to see investor demand tied to the approval of spot-price ETFs earlier this year.

Macy's  (M)  shares, meanwhile, fell 0.6% after the retailer posted better-than-expected fourth-quarter earnings while unveiling a major strategy shift that will see it close 150 stores while expanding its upscale Bloomingdale's presence.

In broader markets, futures tied to the S&P 500 are indicating a 9 point opening-bell gain while those linked to the Dow Jones Industrial Average suggest a 38 point advance. The Nasdaq is called 65 points higher. 

Overnight in Asia, Japan's Nikkei 225 extended its run of records, rising 0.015% to 39,239.52 points. That's even after data showed a faster-than-expected reading for February inflation that could test the Bank of Japan's negative rate policy over the coming months.

In Europe, the regionwide Stoxx 600 was marked 0.03% lower in Frankfurt while Britain's FTSE 100 slipped 0.03% in London.

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