Federal Reserve Chair Jerome Powell said on Tuesday recent inflation data has not given policymakers enough confidence to ease credit soon, noting that the U.S. central bank may need to keep rates higher for longer than previously thought.
The technology and healthcare sectors were the biggest supports for the S&P 500, while real estate was the biggest drag on the index. A report on Monday showed retail sales grew more than expected in March, a sign of U.S. economic resilience that helped push benchmark U.S. 10-year Treasury yields to five-month highs on Tuesday.
Bank of America dropped after the lender posted lower first-quarter profits as its loan loss provisions grew.
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