Stock market today: Live updates

U.S. stocks started Tuesday’s trading session little changed.

The Dow Jones Industrial Average slipped 42 points, or 0.1%.

The S&P 500 and Nasdaq Composite inched up 0.1% and 0.2%, respectively.

— Hakyung Kim

Wall Street is keeping a close eye on the latest personal consumption expenditures price index numbers slated for release on Thursday. The inflation data could drive influence market activity for a short period, according to BMO Wealth Management chief investment officer Yung-Yu Ma.

“While the equity market seems due for a pause and a consolidation of its recent gains, key PCE inflation data on Thursday could be the next short-term catalyst for the market, as investors are looking for additional data to help confirm if inflation is truly re-accelerating,” Ma said in a Tuesday note.

To be sure, he added that bad news has not been able to stick to the current market for very long.

“This is a teflon stock market, which has shown a remarkable ability to shake off bad news and focus on what is positive, which is classic bull market behavior,” said Ma.

“The idea that AI can unleash both spending and productivity is a strong narrative that markets are focused on right now. … The market may be thinking that rate cuts are now icing on the cake rather than a necessary condition for a sustained rally,” Ma added.

— Hakyung Kim

Orders for long-lasting goods fell even more than expected in January, largely due to a big slump in demand for transportation, the Commerce Department reported Tuesday.

Durable goods orders tumbled 6.1% on the month, worse than the downwardly revised 0.3% decline in December and the Dow Jones estimate for a drop of 5%. The category encompasses products as diverse as aircraft, appliances and computers. Transportation was the main culprit for January’s slide, down 16.2%.

Excluding transportation, new orders were off 0.3%, while ex-defense new orders slid 7.3%.

—Jeff Cox

These are the stocks moving the most in premarket trading:

• Unity Software — Shares tumbled 15% after the video game developer forecasted that adjusted EBITDA would come in below analysts’ expectations for the current quarter.
• Cava — Shares popped 8% a day after the Mediterranean restaurant chain reported an earnings and revenue beat for the fourth quarter.
• Zoom Video — The communications software stock popped 12% after a better-than-expected fiscal fourth-quarter report.

Read the full list of stocks moving here.

— Lisa Kailai Han

Shares of AutoZone popped 3% early Tuesday morning after the automotive parts retailer topped analyst forecasts for both earnings and revenue in its fiscal second quarter.

AutoZone reported earnings of $28.89 per share on revenue of $3.85 billion. Analysts polled by LSEG had only expected earnings of $26.28 on revenue of $3.84 billion.

— Lisa Kailai Han

Shares of department store company Macy’s fell 3.6% after the company posted a revenue miss in the fourth quarter.

Macy’s reported $8.12 billion in revenue, which was lower than analysts’ forecasts of $8.15 billion, per LSEG. Meanwhile, the company’s adjusted earnings of $2.45 per share topped consensus estimates of $1.96.

Forward guidance also was weaker than expected. Management forecasts full-year net sales in a range between $22.2 billion to $22.9 billion, versus estimates of $22.95 billion.

Lowe’s shares traded more than 1% after the home improvement giant reported better-than-expected fourth-quarter results, despite customers taking on fewer home projects. The company also said it expects sales this year to decline to between $84 billion and $85 billion from $86.38 billion in fiscal 2023.

Europe’s Stoxx 600 index opened 0.04% higher Tuesday, as sectors traded mixed.

Major bourses were narrowly higher, with the U.K.’s FTSE 100, France’s CAC 40 and Germany’s DAX all up by around 0.1%.

The three major indexes are on track for wins with just three days left in February’s trading month.

The technology-heavy Nasdaq Composite has led the way, jumping more than 5%. The broad S&P 500 followed, climbing more than 4%. The blue-chip Dow has lagged, advancing just over 2%.

— Alex Harring

These are some of the stocks making notable moves in extended trading:

• Zoom Video — The video-conferencing stock surged 11% following a better-than-expected fourth quarter earnings report.
• CarGurus — The online car retailer platform dropped 9% after providing poor guidance for the current quarter. 
• Hims & Hers — The consumer-focused health platform jumped 15% after earnings and guidance topped Wall Street forecasts. 

Read more here.

— Alex Harring

S&P 500 futures were near flat Monday night.

Futures tied to the broad index shed 0.1%, as did Dow futures. Nasdaq 100 futures lost 0.2%.

— Alex Harring