Economic Reports Today Could Turn Stock Market around

The US stock market is low today, dropping across all three major indices on Tuesday before the market closed. The market remained low as it opened.

The Dow Jones dipped by 0.79%, and the Nasdaq Composite fell 2.87% compared to yesterday. The S&P 500 lost 1.75% as well, rounding out the top three indices.

The global economy is still dealing with losses from the recent technological issues created by a faulty update for Microsoft 365. That catastrophe caused major outages across numerous banks, hospitals, and airlines, among many other businesses and services.

A few major stocks missed the mark recently in their earnings reports as well, with Tesla (TLSA) falling below expectations in its quarterly report after several quarters of declining sales.

Neurology technology company Assure Holdings Inc. (IONM) took one of the hardest hits on the stock market today, dropping by 65%. The company was recently issued a Nasdaq delisting notice and is suffering the stock price consequences of that.

New Economic Data Incoming

The market could get a boost from the new economic reports, but of course, they could also bring the market down further as well, depending on what they report.

New home sales will be reported later today, with the expectation that they will beat the last report with an increase of about 20,000. Flash services PMI are expected to drop slightly, and flash manufacturing PMI is expected to increase slightly.

We will also see reports on crude oil inventories as well as the goods trade balance. In addition, several FOMC members are scheduled to speak today, and they may be able to give an update on US inflation and the status of promised interest rate cuts.

This will be a busy day for the market, and we expect to see a lot of trading as the reports hit and are processed. The housing market in particular is looking strong, and several tech companies have beat expectations lately in their latest earnings reports, including Alphabet (GOOGL), which posted higher revenue numbers than what was expected.