US Market falls on profit taking, ahead of macro data

The US share market retreated from its record on Monday, 26 February 2024, as investors opted to book recent profit on caution ahead of key economic data schedule to release this week that will provide insight into the Federal Reserve's possible interest rate cuts.

Theres a raft of economic releases on deck, including January durable orders data on Tuesday and January wholesale inventories on Wednesday. Consumer spending and PCE numbers will come out on Thursday.

At closing bell, the Dow Jones Industrial Average index declined 62.30 points, or 0.16%, to 39,069.23. The S&P500 index fell 19.27 points, or 0.38%, to 5,069.53. The tech-heavy Nasdaq Composite index was down 20.57 points, or 0.13%, to 15,976.25.

 

Total 8 of the 11 major S&P 500 sectors declined, with utilities and communication services sectors being bottom performers, both falling 2.1%, while energy sector was top performer, gaining 0.32%.

Shares of Alphabet declined 4% amid growing criticism of its image-generation AI tool on Gemini.

Dominos Pizza surged nearly 6% after reporting stronger than expected quarterly earnings.

ECONOMIC NEWS: The Commerce Department released new home sales report on Monday showing it climbed 1.5% to an annual rate of 661,000 in January after surging by 7.3% to a revised rate of 651,000 in December.

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