The Dow Jones index softened on Tuesday after reaching fresh record highs this week.
Mixed housing figures gave markets little to chew on as traders await rate cuts.
US PCE print due at the end of the week marks a critical read on inflation.
The Dow Jones Industrial Average (DJIA) was softer on Tuesday, testing the lower side of the day’s opening bids after clipping into a fresh record high at the outset of the trading week. Market action on the Dow Jones has pulled into the midrange with market bets of a Federal Reserve (Fed) rate cut in September fully priced in. The long wait to the next Fed rate call will be filled with grappling over whether it will be 25 bps or 50.
Fed Chair Jerome Powell all but confirmed that the central bank will pivot into a rate-cutting cycle on September 18 during an appearance at the Jackson Hole Economic Symposium last Friday, sending market appetite into the ceiling and pinning equities into a fresh bullish bid.
Mixed prints in US housing price data from June gave investors little to go on. The Federal Housing Finance Agency’s MoM Housing Price Index contracted -0.1% compared to May’s print of 0.0%. Markets expected a print of 0.2%. The S&P/Case-Shiller Home Price Indices, meanwhile, rose 6.5% YoY, less than the previous period’s revised 6.9%, but still more than the expected 6.0%.
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