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Market today: Stocks lose steam as U.S. housing data disappoint

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Stocks lost traction at the end of a strong week after a disappointing reading on the housing market, with traders awaiting data on U.S. consumer sentiment.

A Wall Street street sign in front of the New York Stock Exchange in New York, US, on Wednesday, July 31, 2024. --

Traders dialed back bets of fast and steep Fed rate cuts other data points this week suggested the economy is far more resilient than markets have expected. Later Friday, Wall Street will wade through a fresh reading on consumer sentiment. S&P 500 futures dropped 0.5 per cent. The U.S. equity benchmark was still poised for its best week this year. Nvidia Corp. led losses in megacaps. Applied Materials Inc., the largest U.S. maker of chip-manufacturing equipment, slumped after its sales forecast disappointed investors who’d been looking for a bigger payoff from artificial intelligence spending.

Historically, the last two weeks of August have seen sparse issuance. The second to last week of August 2023, for example, had just three deals price for a total of US$3.45 billion. This year could be different, though, with around $20 billion of new sales expected, with most coming Monday and Tuesday.Texas Instruments Inc. is set to receive $1.

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