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Stock market today: S&P 500, Nasdaq snap 8-day winning streak as focus turns to Jackson Hole

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Jackson Hole,Chair Powell

Markets are marking time as anticipation builds for Fed Chair Powell's speech at Jackson Hole, expected to usher in a rate cut.

Markets took a breather on Tuesday to snap their longest rally this year, with all three major indexes closing in the red as the focus shifts to Fed Chair Powell's speech at Jackson Hole later this week. The S&P 500 dropped about 0.2%, coming off an eight-strong run of daily wins for the benchmark index — its longest since November. The Dow Jones Industrial Average also shed around 0.2%, or less than 100 points, while the tech-heavy Nasdaq Composite fell roughly 0.3%.

Stocks have made a strong comeback from an early August rout as fresh economic data bolstered the case for the central bank to start lowering rates sooner — and maybe further — than previously thought. Wall Street expects Powell to set the stage for a September rate cut in dovish remarks on Friday, now that several Fed officials have given their blessing to easing. The debate now is whether a 0.

 

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