U.S. stocks were mixed on Wednesday after data showed core durable goods orders contracted in February. The tech heavy Nasdaq Composite index fell about 0.9% as of 10 a.m. EDT, the S&P 500 dropped 0.3%, and the Dow Jones Industrial Average added about 129 points. Tesla (TSLA-4.66%) and Nvidia (NVDA-4.69%) fell by 3.3% and 3.6%, respectively.
Economic indicators are in focus this week, amid concerns that the U.S. economy is softening. On Tuesday, the Consumer Confidence Index’s expectation gauge hit a 12-year-low reading of 65.2 — below 80 is considered a recession signal.
On Wednesday, fresh numbers showed core durable goods orders, which exclude aircraft and defense equipment, fell 0.3% in February from January, when they’d increased 0.2%. Companies may be delaying some investment due to uncertainties over economic growth and trade.
Federal Reserve speakers today include Minneapolis President Neel Kashkari and St. Louis chief Alberto Musalem.
Stocks to watch today:
Chewy’s (CHWY-2.36%) stock fell 0.5%. The online pet supplies retailer’s earnings per share and sales topped estimates. CEO Sumit Singh cited “strong active customer growth” for the results and said momentum remains good, according to the company’s earnings statement.
Dollar Tree’s (DLTR+4.75%) stock gained 4.2% after the discount retailer said it will sell its Family Dollar business unit to Brigade Capital and Macellum Capital for about $1 billion. Fourth-quarter same-store sales gained 2% year on year and the chain opened 33 new Dollar Tree stores. EPS fell 24% year on year.
GameStop (GME+14.60%) surged 12% after it amended its investment policy to include Bitcoin. The company’s fiscal fourth-quarter sales plunged 24% from a year earlier but its profit topped expectations.
Nintendo’s (NTDOY+4.38%) ADRs gained 4.4%, following the Japanese stock higher, after Bloomberg reported that Goldman Sachs had reinstated coverage of the video-game company and said it expects the release of the Switch 2 console on April 2 will attract a record number of active users.
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