- US stocks edged higher on Tuesday as investors weighed economic-recovery optimism against disappointing housing data.
- Housing starts in April came in weaker than expected amid rising home prices.
- Bitcoin continued to decline, sliding below the $43,000 level.
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US stocks traded edged higher on Tuesday as investors weighed economic-recovery optimism against disappointing housing data.
New housing starts fell by more than expected in April, reflecting supply constraints and rising home prices nationwide. Residential starts decreased 9.5% to a 1.57 million annualized rate, lower than the consensus estimate of 1.7 million compiled by Bloomberg.
The tepid trading follows a US stocks sell-off on Monday led by technology stocks as investors continued to weigh rising inflation fears. An uptick in COVID-19 cases outside of the US also hurt risk assets.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday.
- S&P 500: 4,165.66, up 0.1%
- Dow Jones industrial average: 34,404.57, up 0.2% (77 points)
- Nasdaq composite: 13,410.26, up 0.2%
In cryptocurrencies, bitcoin continued its slide, falling as much as 5.1%, to $42,547.90. Options traders have piled into bets that bitcoin will fall below $40,000 by next month following an Elon Musk tweet-storm that sent the price of the world’s largest cryptocurrency by market capitalization tumbling.
Billionaire investor Mike Novogratz for his part predicted bitcoin will be stuck somewhere between $40,000 and $50,000 for four to six weeks after Musk halted Tesla payments in bitcoin and criticized its energy use.