Stock Market Today: Dow, Nasdaq Move Higher; PPD, Micron Stocks in Focus

The major U.S. indexes wobbled Tuesday as earnings season winds down. Stocks have climbed in recent weeks, pausing their run higher yesterday.

Investors are digesting signs that the IPO market is heating up. Fast-fashion giant Shein filed Monday for what could be one of the biggest market debuts in years.

Investors also continue to watch for evidence that inflation is refusing to return to the Federal Reserve’s target, which could encourage the central bank to keep interest rates at high levels next year. A Fed governor on Tuesday said he endorsed extending the current pause in interest-rate hikes.

Stock indexes wavered. The S&P 500, Dow industrials and Nasdaq Composite were little changed, with the Dow up 0.2%. The S&P 500 is on track for its biggest one-month advance since July 2022.

Cboe’s Volatility Index, or VIX, stood at less than 13. It has fallen from over 20 in mid-October, a sign investors anticipate fewer gyrations in stocks that make up the S&P 500.

Carlyle was among stocks making moves. Shares rose on news the buyout group will join the S&P MidCap 400 index. Micron slipped after projecting higher expenses.

Benchmark Treasury yields slipped. Ten-year yields traded around 4.359%. They have retreated from almost 5% in mid-October on expectations that the Fed will cut interest rates next year.

Oil prices rose. Brent crude futures gained more than 2%, extending a volatile spell ahead of the OPEC meeting. Up for discussion: whether to extend, or deepen, production cuts.

The dollar fell. The WSJ Dollar Index was on track for its lowest close since August and worst monthly performance of the year.

U.S. home prices rose in September. They hit a new record, powered by short supply, according to fresh data.

Coming up: Investors are awaiting fresh inflation data later this week. The next reading of the personal-consumption expenditures price index, the Fed’s preferred inflation gauge, comes out Thursday.

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