Stocks finished mixed Tuesday. The S&P 500 rose 0.1% to 2,945, while the Dow added 38 points to 26,592. The Nasdaq Composite slipped 0.7% to 8,107. For the month of April, the S&P 500 advanced 3.9%, the Dow gained 2.6%, and the Nasdaq Composite rallied 4.9%.
The major averages fluctuated, still managing to post solid monthly gains and extend the best start to a year in decades. A disappointing profit tally from Alphabet weighed on the Nasdaq after the Internet giant reported the slowest revenue growth since 2015. Google’s parent company slumped 7.5% to $1,198.96, its worst day in over six years. Apple also lagged, falling 1.9% to $200.67 ahead of its earnings release after market close today. General Electric offered a bright spot, advancing 4.5% to $10.17 after topping estimates on both the top and bottom line. Merck and Pfizer each delivered earnings beats in the Health Care space, gaining 2.5% to $78.71 and 2.6% to $40.61, respectively.
Treasuries advanced, with the yield on the 10-year note off one basis point to 2.50% ahead of tomorrow’s Fed policy decision. In commodities, WTI crude added 0.7% to $63.91/barrel. COMEX gold was up 0.3% to $1,285.50/ounce amid a weaker dollar.
On the data front, economic releases were mostly positive. Consumer confidence increased more than expected in April, while pending home sales rebounded 3.8% in March, following a 1% decline the prior month. Additionally, the S&P CoreLogic/Case-Shiller 20-city Index of home prices increased at the slowest pace since 2012 in February.
Breadth was even on issues on the NYSE and negative by 8:5 on the Nasdaq. Composite NYSE volume was more than 3.8 billion shares.