The S&P 500 slipped 0.2%, while the Dow rose 0.2%. Home Depot led the Dow higher by increasing 3.1%, but its results did not meet analysts' expectations. Homeowners are delaying larger repairs due to high interest rates. Upcoming profit reports from Lowe's, Target, Walmart, and Ross Stores could affect market sentiment. Investors anticipate a speech from Jerome Powell at Jackson Hole, hoping for indications of interest rate cuts. Treasury yields have decreased, reflecting expectations for rate cuts during the Fed’s next meeting in September.
Home Depot rose 3.1% to lead the Dow higher after reporting results for the latest quarter that were a bit short of what analysts expected. The retailer said homeowners have been focused on smaller, less expensive home repairs while putting off bigger projects because of high interest rates.
The Fed has been keeping its main interest rate steady this year, primarily because of the fear of the possibility that President Donald Trump's tariffs could push inflation higher. A surprisingly weak report on job growth across the country and worries about the U.S. economy may be superseding that.
Traders on Wall Street widely expect the Fed to cut interest rates at its next meeting in September. Treasury yields have come down notably in the bond market as a result, and they remained lower on Tuesday.
The week’s likely headliner will not arrive until Friday, which could keep trading on Wall Street relatively quiet until then. That's when the chair of the Federal Reserve, Jerome Powell, will give a highly anticipated speech in Jackson Hole, Wyoming.
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