Investors weren't eager to move Tuesday, the day before the Federal Reserve is expected to cut interest rates again.
Investors didn't seem too eager to move Tuesday, the day before the Federal Reserve is expected to once again cut short-term interest rates. What financial news did occur Tuesday was mixed. According to the Conference Board, consumer confidence fell in June to 64.9 points from 67.3 last month. But survey respondents say they expect things to improve shortly.
In the tech sector, Advanced Micro Devices' warning of lower-than-expected sales helped drag down the Nasdaq. AMD was one of the InformationWeek 100's top losers, closing down 4.3%, or 28 cents, to end the day at $6.31. The Nasdaq-100 Index tracking stock fell 28 cents, or 0.9%, to $29.63 on moderate volume of 82.7 million shares.
Our InformationWeek 100 fell 1.85 points, or 0.8%, to 243.63. The Nasdaq composite index fell 0.3%, or 5.24 points, to close at 1,605.51. On the other hand, the Dow Jones rose 36.9 points, or 0.4%, to 9,109.85, and the Standard & Poor's 500 rose 1.8 points, or 1.8%, to 983.44.
John Caldwell, chief equity strategist for McDonald Financial Group, a unit of KeyCorp, told the Associated Press on Tuesday, "What we are looking for tomorrow is confirmation of what the Fed has already told us ... that there will be a second-half recovery and this rate cut [would be] an insurance policy against deflation."
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.