Stocks fall, giving back some gains after economic data disappoints
Stocks turned negative intraday on Tuesday after rallying a day earlier, with new data on consumer confidence missing expectations for April.
The S&P 500 ticked down after the index closed out Monday’s session higher by 1%. The Nasdaq and Dow also gave up earlier gains to trade lower. Treasury yields added to losses, with the yield on the benchmark 10-year note hovering below 1.6%. Cryptocurrency prices steadied, and Bitcoin prices (BTC-USD) traded little changed to hold just above $38,000 mid-morning in New York.
A new print on consumer confidence for April came in below expectations, with the Conference Board’s headline sentiment index falling more than expected last month. At least some of the decline came as short-term income prospects were pressured by concerns over inflation, the Conference Board noted. And a separate report out Tuesday morning showed home prices surged by…