- US stock markets fell on Tuesday, with the S&P 500 index ending its five-session winning streak.
- Minutes from the latest Fed meeting show that restrictive policy remains under discussion.
- Investors also expected Nvidia to post earnings after the market closed.
US stock markets fell on Tuesday, with the S&P 500 the latest to snap a five-session winning streak Fed Minutes suggested that the central bank has a hawkish bias.
The report dampened hopes for an imminent turn by the Fed toward interest rate cuts. However, no further interest rate increases are expected, a The vast majority still expect interest rates to remain at the current level of 5.25-5.50%.
“Markets should expect Powell and other committee members to remain hawkish, but that doesn’t necessarily mean the Fed will continue to raise rates,” said Jeffrey Roach of LPL Financial, adding: “The Fed will continue to be tough on inflation, “Patiently waiting for the full effects of previous interest rate increases.”
After Tuesday’s closing bell, investors will also be awaiting the release of Nvidia’s results. The company, which is among the technology stocks that have gained popularity this year, faces high market expectations for earnings and sales growth.
Here’s where the U.S. indexes stood at the close of business on Tuesday at 4 p.m. EST:
Here’s what else happened today:
For commodities, bonds and cryptocurrencies:
- West Texas Intermediate crude rose 0.03% to $77.87 a barrel. Brent crude, the international crude oil benchmark, rose 0.23% to $82.50.
- Gold was essentially unchanged at $1,999.55 an ounce.
- The 10-year Treasury yield fell 1 basis point to 4.412%.
- Bitcoin fell 1.2% to $37,018.