Wall Street eases, bonds rise, dollar falls to eight-month low: What's driving markets on Tuesday? – Boeing (NYSE:BA)

On Wall Street, the session was relatively calm, but risk sentiment worsened slightly as all US stock indices were trading in the red around midday in New York. If the S&P 500 and Nasdaq 100 close lower today, they will break their eight-day winning streak, a run that has virtually erased the losses suffered earlier this month.

Traders remain cautious as they await key economic developments later this week. On Wednesday morning, the Bureau of Labor Statistics will release its data “Preliminary 2024 Baseline Review of Establishment Data” which will include revisions to nonfarm payrolls covering the period from April 2023 to March 2024.

Later in the day, at 2 p.m. ET, the Federal Reserve will release the minutes of its July meeting. Federal Open Market Committee Federal Open Market Committee (FOMC) meeting.

He Jackson Hole Symposium The session begins on Thursday, with Fed officials expected to grab headlines during media interviews. On Friday, Fed Chairman Jerome Powell will take center stage with a live speech at 10:00 a.m. ET.

Small-cap stocks underperformed large-cap stocks on Tuesday, with nine of the 11 S&P 500 sectors in negative territory, excluding health care and consumer staples.

A measure of the U.S. dollar fell 0.4%, dropping to its lowest level since late December 2023. Invesco DB USD Index Bullish ETF United Union of Peoples is experiencing its worst three-day performance of the year so far.

Treasury yields also fell, with more significant declines at the long end of the curve. iShares 20+ Year Treasury Bond ETF TLT rose 0.8%, on its way to its third consecutive session in the green and its seventh in the last eight.

Meanwhile, gold held steady at record levels of $2,500 an ounce, while oil prices fell another 0.5%, marking their third consecutive decline. Bitcoin BTC/USD fell 1.2% to $58,755.

• He SPDR S&P 500 ETF Trust SPY fell 0.3% to $558.24.
• He SPDR Dow Jones Industrial Average THERE fell 0.1% to $408.70.
• Heavy technology Invesco QQQ Trust Series QQQ fell 0.4% to $479.50.
• He iShares Russell 2000 ETF MMI fell 1.3% to $212.42.
• He SPDR Select Sector Consumer Staples Fund XLP and The Health Care SPDR Fund XLV performed better, both up 0.3%. Power Selection SPDR Sector Fund XLE lagged behind, down 2.1%.

• Palo Alto Networks Inc. PANW rose 8.6% in response to its better-than-expected quarterly results.
• Other stocks that reacted to the company's earnings were: Lowes Companies Inc. LOWdown 1.3%, Company: Medtronic plc. Multidisciplinary team rose by 1.9%, Factory January 2016 up to 19%.
• Company: PayPal Holdings Inc. PYPL rose 3.1% after JPMorgan Chase & Co. raised its price target on the stock to $80 from $77.
• Eli Lilly & Co. Lia rose 2% after the company reported that a three-year Phase 3 study showed that weekly injections of tirzepatide reduced the risk of developing type 2 diabetes by 94% in overweight or obese adults with prediabetes, compared with those who received a placebo.
• Boeing Co. bachelor of arts fell more than 4% after announcing it would ground its 777X test fleet due to problems discovered in an engine mounting structure.

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