Stocks were little changed Tuesday as investors awaited economic data and corporate earnings coming later in the week for signs into how the Federal Reserve will move interest rates going forward.
The Dow Jones Industrials forged ahead 2.87 points to break for lunch Tuesday at 33,520.52
The S&P 500 was down 0.39 points to 3,891.70. The S&P 500 was up about 1.1% in the first five days of trading for 2023 through Monday, which some say is a good omen for the rest of the year.
The NASDAQ Composite Index doggedly hung onto 12.2 points to 10,645.91. The tech-heavy index has rallied in recent days as optimism over cooling inflation pushed investors to beaten-up technology stocks.
Wells Fargo upgraded AT&T to overweight from an equal weight rating, saying that shares look more attractive than Verizon.
Fed Chair Jerome Powell spoke Tuesday before the bell to the need for the central bank to stay politically independent while responding to inflation. Futures were little changed in response to his remarks.
Prices for the 10-year Treasury fell back, raising yields to 3.63% from Monday's 3.53%. Treasury prices and yields move in opposite directions.
Oil prices took on 42 cents to $75.05 U.S. a barrel.
Gold prices climbed $2.20 to $1,888.00 U.S. an ounce.