People pass the New York Stock Exchange early Tuesday, Oct. 29, 2024. (AP Photo/Peter Morgan)

New York, United States — Global stock markets diverged Tuesday as many investors sat on their hands ahead of a slew of US economic data releases and tech earnings.

In New York, the Nasdaq shot to a fresh record while the Dow pulled back. Bourses closed mostly lower in Europe.

Shares of Google parent Alphabet rose in after-hours trading following its earnings report, which will be succeeded later this week by releases from Apple, Microsoft and others.

“Tech stocks are catching a bid,” said Art Hogan of B. Riley Wealth Management, adding that there had been “more good news than bad” Tuesday.

READ: Asian shares rise as markets await tech results

Hogan pointed to another decline in oil prices as supportive for stock prices, and noted that US Treasury bond yields were stable.

The Conference Board’s consumer confidence index jumped sharply to 108.7 in October, up from a revised 99.2 last month, another positive for stocks.

The US government will release third quarter GDP growth estimates Wednesday, as well as inflation data Thursday. The closely watched monthly labor market report is due Friday.

Together, they should provide more clues about the health of the world’s largest economy and the direction of the Federal Reserve’s interest rate policy.

Yields on 10-year US Treasuries have inched up to above 4.3 percent this week, the highest since early July, suggesting that some market participants are increasingly counting on more limited rate cuts from the Federal Reserve.

Among individual companies, Boeing climbed 1.5 percent after reporting that its stock offering was over-subscribed.

The London, Paris and Frankfurt markets all closed lower Tuesday while Asian markets ended mixed.

London shed 0.8 percent as investors awaited the first budget of Britain’s new Labour government on Wednesday, expected to include tax raises on businesses.

Adidas shares were up almost 4 percent in Frankfurt after the sportswear giant again raised its full-year revenue outlook.

Oil prices initially recovered some of Monday’s losses after the US government said it would add to its Strategic Petroleum Reserve, but then resumed their recent slide on expectations of a coming over-supply.

In Asia, Tokyo and Hong Kong stocks climbed but Shanghai and Singapore retreated.

Investors are awaiting the Bank of Japan’s rate decision later this week, with the central bank expected to stand pat following two hikes earlier this year.

Focus is also on a key political meeting in Beijing next week, with investors hoping for details of an expected major stimulus plan to support China’s struggling economy.

New York – Dow: DOWN 0.4 percent at 42,233.05 (close)

New York – S&P 500: UP 0.2 percent at 5,832.92 (close)

New York – Nasdaq Composite: UP 0.8 percent at 18,712.75 (close)

London – FTSE 100: DOWN 0.8 percent at 8,219.61 (close)

Paris – CAC 40: DOWN 0.6 percent at 7,511.11 (close)

Frankfurt – DAX: DOWN 0.3 at 19,478.07 (close)

Tokyo – Nikkei 225: UP 0.8 percent at 38,903.68 (close)

Hong Kong – Hang Seng Index: UP 0.5 percent at 20,701.14 (close)

Shanghai – Composite: DOWN 1.1 percent at 3,286.41 (close)

Euro/dollar: UP at $1.0816 from $1.0812 on Monday

Pound/dollar: UP at $1.3010 from $1.2972

Dollar/yen: DOWN at 153.57 yen from 153.79 yen

Euro/pound: DOWN at 83.13 pence from 83.34 pence

Brent North Sea Crude: DOWN 0.4 percent at $71.12 per barrel

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West Texas Intermediate: DOWN 0.3 percent at $67.21 per barrelluck9

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