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Stock market today: Stocks mixed as investors keep watchful eye on economy

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Now that the Fed has started cutting rates, the economy has taken to the fore for investors.

US stocks lost steam on Wednesday after markets hit their latest 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 0.1% on the heels of record closes for both major indexes. The tech-heavy Nasdaq Composite remained the only major gauge in the green, up roughly 0.1%.

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. Mortgage applications, however, jumped to the highest level since 2022, according to MBA data released before the bell.

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