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

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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Stock market news today: Stocks flip to losses as comeback rally loses steamStocks slid on Wednesday as investors looked to build on Tuesday's trading session that snapped a 3-day losing streak.
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