Stock market today: Stock rally loses steam as S&P 500, Dow slip from records

US stocks lost steam on Wednesday after markets hit all-time highs as investors looked to new data for clues to the health of the economy and the chances of another jumbo rate cut. The Dow Jones Industrial Average reversed earlier gains to fall about 0.6%, while the S&P 500 also slipped into negative territory, declining around 0.2% on the heels of record closes for both major indexes. The tech-heavy Nasdaq Composite hugged the flatline after wavering in the green for most of the session.

The debate centers on whether the Federal Reserve lowered rates by a bigger-than-usual 0.5% in response to a slowing economy and what further malaise means for another hoped-for deep cut. Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards On the data front, new home sales declined in August following a sharp increase the month prior as ultra-high mortgage rates and lofty prices kept buyers mostly on the sidelines.

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