NEW YORK (MarketWatch) — U.S. stocks showed little change and wavered near the break-even mark on Tuesday, as consumer confidence declined but home prices rose. Traders also are weighing debt-ceiling negotiations, recent Federal Reserve comments and a speech by President Barack Obama.
The S&P 500 (SPX) was last down less than 1 point to 1,701, while the Dow Jones Industrial Average (DJIA) also dipped less than 1 point to 15,401. The Nasdaq Composite (COMP) edged up 8 points, or 0.2%, to 3,773.
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The Conference Board's consumer confidence index for September dropped to 79.7 in September from a revised 81.8 in August. Economists polled by MarketWatch expect a fall to 79.5 from 81.5.
Earlier Tuesday, U.S. stock futures had added to slight gains after the latest data on U.S. home prices. The S&P Case-Shiller index rose 1.8% in July for the smallest monthly gain since March, suggesting the rate of increases may have peaked, while the Federal Housing Finance Agency's index gained 1% in July.
The market is also digesting a speech by President Barack Obama before the U.N. General Assembly on Tuesday morning.
In a week that has no shortage of central-bank speakers, Cleveland Fed President Sandra Pianalto is speaking about payment systems at a Chicago Fed conference. Pianalto is not a voting member of the Fed's policy-making committee.
Analysts at Monex Capital Markets said worries about the debt-ceiling impasse pushed S&P 500 futures to trade under 1,700 for the first time in a week. "Political grandstanding being what it is, it seems highly unlikely that a compromise won't be arrived at, but markets never like uncertainty," the analysts said in a note.
Bloomberg News/Landov Home price data released Tuesday showed small increases in July. Best Sliver Stocks To Own Right Now
On Monday, U.S. stocks declined moderately, as investors heard from Fed officials and worried about another standoff in Washington. That came after U.S. stocks fell hard on Friday, but benchmark indexes still managed to post a third straight week of gains.
In overseas markets on Tuesday, European stocks inched up after data showed German business confidence rose in September, although that was to a lower level than forecast. In Asia, Shanghai stocks gave up most of Monday's gains, while the Indonesian rupiah hit its lowest point in more than four years against the dollar.
The dollar logged modest gains against rivals. Gold lost ground, and oil was also off.
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