Techs tumble Tuesday but Dow Jones gains 160 points

Consumer Confidence Survey weighs on Wall Street

Lola Evans
26 Feb 2025, 02:38 GMT+10

Techs tumble Tuesday but Dow Jones gains 160 points

The consumer confidence survey from the Conference Board came in considerably lower than what analysts were expecting.
Added to the weak data releases of last week, including lackluster manufacturing and retail sales numbers, investors acted with an abundance of caution.
“All of that comes together to call into question the underpinning of what has been the strength of the U.S. economy the last couple years, which is the consumer and the job market."

NEW YORK, New York - There was a mix of gains and losses in the United States on Tuesday with tech stocks selling off, and industrials making some ground, particularly on the Dow Jones index.

The consumer confidence survey from the Conference Board came in considerably lower than what analysts were expecting. Added to last week's economic data, including lackluster manufacturing and retail sales numbers, investors acted with an abundance of caution Tuesday.

"All of that comes together to call into question the underpinning of what has been the strength of the U.S. economy the last couple years, which is the consumer and the job market," Ross Mayfield, investment strategist analyst at Baird Private Wealth Management told CNBC Tuesday.

The Standard and Poor's 500 fell by 28.00 points to close at 5,955.25, down 0.47percent amid reports of subdued trading volumes, which reached 3.386B shares.

In contrast, the Dow Jones Industrial Average advanced by 159.76 points to finish at 43,620.97, up 0.37percent, as blue-chip stocks attracted modest buying interest.

The technology-heavy NASDAQ Composite, however, slipped by 260.54 points to settle at 19,026.39, marking a decline of 1.35percent.

U.S. Dollar Sold Off Tuesday

Global foreign exchange markets experienced a mixed trading day on Tuesday, with key currency pairs showing modest movements amid cautious sentiment and evolving economic data. The dollar however ended the day under pressure. The U.S. Dollar Index, which gauges the greenback's strength against major currencies, fell by 0.29 points to 106.30 (down 0.28percent).

The euro strengthened against the U.S. dollar, climbing to 1.0515 and gaining 0.46percent. Conversely, the dollar weakened against the Japanese yen, with the USDJPY pair settling at 148.98 after a decline of 0.48percent.

In North America, the U.S. dollar managed to edge higher against the Canadian dollar, with USDCAD reaching 1.4303, up 0.33percent. This followed remarks from U.S. President Donald Trump that the proposed tariffs for Canadian and Mexican products, paused for 30 days, would come into effect at the end of the 30-day period.

The British pound appreciated, with GBPUSD advancing to 1.2670, up 0.37percent, as investors showed renewed confidence in the sterling.

The dollar lost ground against the Swiss franc too, with USDCHF falling to 0.8925, down 0.48percent.

In the Oceania region, the U.S. dollar saw slightmovements against both the Australian and New Zealand dollars. The AUDUSD traded at 0.6343, down 0.08percent, while the NZDUSD settled at 0.5721, up 0.18percent.

Market participants noted that while the movements were relatively modest, the divergence between gains in some currencies and declines in others highlights the ongoing uncertainty as traders assess upcoming economic reports and central bank guidance.

Red ink spills over global markets, shares in Asia and Europe Tumble

Global markets closed Tuesday with losses being recorded almost across the board. UK, Canadian, and South African markets were the exception.

Canada

On the Canadian front, the S&P/TSX Composite index edged higher by 52.72 points to close at 25,203.98, up 0.21percent, as investors evaluated mixed economic signals and regional sector performance.

UK and European Markets:
The FTSE 100 edged higher, gaining 9.69 points to finish at 8,668.67, up 0.11percent.

In contrast, Germany's DAX P dipped by 15.66 points to 22,410.27, a decline of 0.07percent.

France's CAC 40 fell by 39.92 points to 8,051.07 (down 0.49percent), while the EURO STOXX 50 I slid 5.86 points to close at 5,447.90 (down 0.11percent).

The Euronext 100 Index also ended lower at 1,582.53 after losing 4.53 points (down 0.29percent), and Belgium's BEL 20 retreated by 8.16 points to 4,398.80 (down 0.19percent).

Asian Markets:
Hong Kong's HANG SENG INDEX suffered a sharp drop of 307.59 points to 23,034.02, down 1.32percent, and Japan's Nikkei 225 slid 539.15 points to 38,237.79 (down 1.39percent).

China's SSE Composite Index declined by 26.99 points to 3,346.04 (down 0.80percent), while South Korea's KOSPI Composite Index lost 14.98 points to finish at 2,630.29 (down 0.57percent).

Taiwan's TWSE Capitalization Weighted Stock Index fell by 279.59 points to 23,285.72 (down 1.19percent).

Oceania:
Down under, the S&P/ASX 200 slid by 56.30 points to close at 8,251.90 (down 0.68percent), and the ALL ORDINARIES Index dropped by 62.10 points to finish at 8,498.00 (down 0.73percent). New Zealand's S&P/NZX 50 INDEX GROSS was hit harder, falling 224.45 points to close at 12,307.27 (down 1.79percent).

India and Southeast Asia:
India's S&P BSE SENSEX bucked the trend with a gain of 147.71 points, ending the session at 74,602.12 (up 0.20percent). In contrast, Malaysia's FTSE Bursa Malaysia KLCI slipped by 16.22 points to finish at 1,568.03 (down 1.02percent).

Middle East and Africa:
Egypt's EGX 30 Price Return Index dropped 270.40 points to close at 30,654.90 (down 0.87percent) on a volume of 177.541M.

Meanwhile, Israel's TA-125 closed at 2,531.95 after shedding 6.27 points, a decrease of 0.25percent.

South Africa's Top 40 USD Net TRI Index, however, managed a modest gain of 11.94 points to finish at 4,690.78 (up 0.26percent).

Overall, Tuesday's session was marked by subdued trading and narrow ranges, with gains limited to a few key markets. Analysts noted that while the FTSE 100, S&P BSE SENSEX, and South Africa's Top 40 USD Net TRI Index recorded modest improvements, broader global markets experienced declines, reflecting investor caution amid an uncertain economic backdrop.

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