US stocks stumbled on Tuesday afternoon, putting an end to their longest win streak of 2024 as investors awaited insight from Federal Reserve officials at their annual Jackson Hole symposium.
The blue-chip S&P 500 fell 0.2 per cent, while the Nasdaq Composite fell 0.3 per cent. The small dips ended an eight-day rally as positive economic data and the possibility of a Fed interest rate cut next month have buoyed market sentiment.
The two-year Treasury yield, which moves with interest rate expectations, fell 0.08 percentage points to 3.99 per cent.
Traders will be closely watching Fed officials at the Jackson Hole, Wyoming, summit later this week, with particular focus on chair Jay Powell, who speaks on Friday morning.
https://www.ft.com/content/d12e66d2-e548-4a85-a207-7ddb6ab2ac2a
