Wall Street indexes dip with focus on economic data
Major Wall Street indexes closed lower on Tuesday as investors booked some profits from a post-election rally and turned cautious ahead of U.S. economic data due this week.
The three major indexes had rallied to record highs since the Nov. 5 U.S. election as investors bet on a boost to equities from President-elect Donald Trump's proposed tax cuts and the prospect of easier regulatory policies.
But investor enthusiasm was dampened on Tuesday. European shares lost 2% as European Central Bank policymakers warned that increased tariffs from Trump would hamper global growth.
According to preliminary data, the S&P 500 lost 17.17 points, or 0.29%, to end at 5,984.18 points, while the Nasdaq Composite lost 16.00 points, or 0.08%, to 19,282.76. The Dow Jones Industrial Average fell 377.45 points, or 0.85%, to 43,915.68.
Markets have already dialed back expectations for interest-rate reductions over the next year, given strong economic data and the possible inflationary impact of some Trump policies.
Source: Reuters
