U.S. Stocks End Tuesday Down
(MENAFN) U.S. equities closed lower Tuesday as the Federal Reserve kicked off its September policy session.
The Dow Jones Industrial Average dipped 0.27% to 45,757.90, the S&P 500 edged down 0.13% to 6,606.76, and the Nasdaq Composite slipped 0.07%, ending at 22,333.96.
Out of the 11 major S&P 500 sectors, six finished in the red. Utilities and real estate were the biggest decliners, dropping 1.81% and 0.66%, respectively. On the upside, energy and consumer discretionary led gains, rising 1.73% and 0.82%.
Data released Tuesday showed U.S. retail sales surged 0.6% in August—double the expected 0.3% increase. July’s figures were also revised upward to a 0.6% rise from 0.5%, indicating that tariffs have yet to significantly curb consumer spending.
In Washington, the U.S. Senate narrowly confirmed Stephen Miran, former President Trump’s nominee to the Federal Reserve, by a 48-47 vote Monday. His confirmation allows him to participate in this week’s Fed meeting.
Markets are pricing in a near-certain interest rate cut, expected to be the Fed’s first this year, when the meeting concludes Wednesday.
The CME FedWatch tool shows traders assigning a 96% probability to a 25-basis-point reduction, lowering the federal funds rate target to between 4.00% and 4.25%.
On Wall Street, Oracle shares climbed 1.5%, extending gains from Monday’s session.
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