US Stock Market Overview – Stocks Close Mixed Google Poised to Report

US stocks were mixed on Tuesday at some of the tech stocks in the Nasdaq weighed on the broader index. This comes ahead of a week of multiple large-cap earnings results kicked off by Alphabet on Tuesday. The dollar moved lower on Tuesday along with yields, while oil prices rebounded to close down 1.3% after declining as much as 20% earlier in the trading session. Most sectors in the S&P 500 index were higher, led up by gain in cyclical, healthcare bucked the trend. US consumer sentiment fell for a third straight month as the decline in sentiment was weighed on by the quarantine.

Consumer Sentiment Drops

US consumer sentiment fell for a third straight month according to a report from the University of Michigan. The consumer sentiment index fell to 71.8 in April from 89.1 in March. Expectations were for the index to decline to 67. That decline comes after a sharp drop in current economic conditions. The coronavirus pandemic has led to more than 26 million job losses over the past five weeks. That’s more than the employment gains since the Great Recession.

CNBC Survey Paints a Bleak Picture

According to a survey from CNBC, the economy could take one to two years to rebound to full strength. With the Federal Reserve’s balance sheet already at an unprecedented $6.45 trillion, the 36 respondents see it rising on average to $9.8 trillion. The additional trillions will be added by the end of the current quarter.

US Coronavirus Infections Top 1-million

The U.S. hit the milestone reporting more than 1-million COVID-19 infections in  just over two weeks after it reached a reported 500,000 cases and about three months since the first reported infection appeared. This comes as more U.S. states and countries around the world prepared to relax coronavirus-containment measures. Infections in the U.S. make up about a third of the 3.08 million cases reported world-wide.