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It’s a relatively uneventful session on Wall Street, but with a slightly worsening risk sentiment as all U.S. equity indices traded in the red at around midday trading in New York. If the S&P 500 and Nasdaq 100 close lower today, it will break their current eight-day winning streak, a run that has nearly erased the losses sustained earlier this month.
Traders remain cautious as they await key economic events later this week. On Wednesday morning, the Bureau of Labor Statistics will release its “2024 Preliminary Benchmark Revision to Establishment Data,” which will include non-farm payroll revisions covering the period from April 2023 to March 2024.
Later in the day, at 2 p.m. E.T., the Federal Reserve will release the minutes from the July Federal Open Market Committee (FOMC) meeting.
The Jackson Hole Symposium kicks off on Thursday, where Fed officials are expected to make headlines during media interviews. On Friday, Fed Chair Jerome Powell will take center stage with a live address at 10:00 a.m. ET.
Small caps underperformed large cap on Tuesday, and nine out of 11 S&P 500 sectors were in negative territory, with the exclusion of healthcare and consumer staples.
A measure of the U.S. dollar fell 0.4%, tumbling to the lowest level since late December 2023. The Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) is experiencing its worst three-day performance year-to-date.
Treasury yields also fell, with more significant declines at the long end of the curve. The long-dated iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rose 0.8%, poised for its third consecutive session in the green and the seventh in the last eight.
Meanwhile, gold remained steady at record-high levels of $2,500 per ounce, while oil prices declined by another 0.5%, marking their third straight drop. Bitcoin (CRYPTO: BTC) slipped 1.2% to $58,755.
Major Indices | Price | 1-day %chg |
S&P 500 | 5,596.06 | -0.2% |
Dow Jones | 40,798.22 | -0.2% |
Nasdaq 100 | 19,688.81 | -0.4% |
Russell 2000 | 2,142.31 | -1.3% |
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