S&P 500 Snaps Two-Day Climb With Fed in Focus
US stocks were broadly lower on Wednesday — after wavering for most of the session — as investors pondered the Federal Reserve's path of rate cuts and digested housing-market data.
The S&P 500 snapped a two-day climb. The Nasdaq 100 closed modestly higher. The 10-year US Treasury yield advanced to around 3.78%. The Bloomberg Dollar Spot Index rose after a 0.5% drop on Tuesday. Traders are now turning to earnings from Micron Technology Inc., which posted results after the close.
Data on Wednesday showed sales of new homes in the US fell last month. A separate set of data indicated that mortgage rates have dropped for eight consecutive weeks, spurring demand for purchasing a home. Investors parsed this information for clues on the economy and housing market.
Source: Bloomberg