Nasdaq Closes at Record High, Dow & S&P 500 Dips

The Nasdaq closed at record highs on Tuesday, after the release of data on earnings report, drop in oil prices and Federal Reserve speakers remarks.

The Nasdaq Composite Index gained 17.93 points or 0.3 percent to a high of 6,120.59.

The Dow Jones Industrial Average shed 36.50 points or 0.2 percent at 20,975.78. The largest losers were Cisco System Inc. shares down -0.35 percent and Chevron Corp.

The S&P 500 index fell 2.46 points, or 0.1 percent at 2,396.92, the utilities, energy and material stocks where the biggest losers, while the consumer, discretionary and industrial sectors gained.

Ahead of the OPEC meeting in May on whether to extend the cuts in oil output for a further 6 months, oil prices dropped 1.2 percent at $45.88 a barrel.

Focus Now on Upcoming Events

The stunning and convincing win of pro-EU, Macron in the French presidential elections on Sunday, removed potential geopolitical concerns for Europe and saw the CBOE Volatility Index drop. Investors are now turning their focus on the upcoming six weeks with events that can affect the markets, the upcoming UK elections, the OPEC meeting, Central Bank updates.

Federal Reserve Meeting

Markets are giving a 88 percent chance of the Federal Reserve Bank of a rate increase at their meeting on June 14. According to Managing Director at Schwab Centre for Financial Research, Randy Frederick investors may lose patience if there are no promised tax cuts by the end of the year. Investors will be closely watching Fed speakers on Tuesday for any hints on policy decisions.

Small business sentiment fell to a reading of 104.5 for the third consecutive month in April.

Wholesale inventories grew 0.2 percent in March

American Airlines Group Corp shares gained 4.8 percent as did United Continental Holdings Inc. gaining 4.8 percent together with Delta Air Lines Inc. which gained 2.1 percent

Topping Estimates at Wall Street Marriott International Inc. shares rose.

The dollar gained 0.5 percent against a basket of most major currencies.

Gold fell 0.9 percent at $1,216.10 an ounce.

Japans’s Nikkei 225 index fell 0.3 percent.

Hong Kong’s Hang Seng Index gained 1.3 percent.

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