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Traders work on the floor of the New York Stock Exchange (NYSE) as the Federal Reserve Board Chairman Jerome Powell holds a news conference on December 19, 2018 in New York City.
Housing starts fell 8.7 percent in February, widely missing expectations. Building permits declined, but at a slower rate than forecast by economists. Consumer confidence numbers are scheduled for release at 10 a.m. ET.
The Dow closed Monday with a small gain. News that special counsel Robert Mueller did not find evidence that President Donald Trump colluded with Russia in the 2016 presidential race bolstered the markets by removing some uncertainty. Investors were also hopeful that with the Mueller investigation out of the way, Trump will turn his attention to cementing trade deals.
However, concerns regarding the global economy capped market gains in the broader market.
“Expectations are for a pretty weak first quarter overseas to go along with a fairly weak U.S.,” said Sam Stovall, chief investment strategist at CFRA Research. “The real question is whether it’s just a weak first quarter and then it recovers. Our expectation right now is that it is more of a soft landing.”
“I think we’re just going through a pretty healthy digestion of gains,” Stovall said. “Q1 softness will probably be followed by a recovery in Q2, both on an economic perspective as well as an earnings outlook. I would tell investors you are probably better off buying than you are bailing.”
Equities rallied to start off 2019, with the S&P 500 rising more than 11 percent year to date.
Shares of Bed Bath & Beyond skyrocketed more than 27 percent after The Wall Street Journal reported three activist investors are trying to replace the company’s entire board of directors.
Nvidia shares rose 3.1 percent after Piper Jaffray initiated coverage of the chipmaker with an overweight rating, noting its attractive valuation.
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