S&P 500, Dow close lower as investors await insights on Fed rates, data
The three main indexes were positioned for monthly gains after the Federal Reserve's rate cut on Sept. 18 bolstered hopes for a soft landing. However, a weak consumer sentiment report on Tuesday raised concerns about the health of the labor market.
«What happened in commodities and basic materials, etc., was quite a reaction to… 'hey, what if China can get growing again?' And that kind of feeds into other areas, (and) it helps other economies,» said Tom Martin, senior portfolio manager at Globalt in Atlanta.
The long-term Treasury bond yield rose on concerns that looser financial conditions could reignite inflation.
Odds of a 50 basis point cut by the U.S. central bank at its November meeting have risen to 57.4%, from a coin toss earlier in the week, the CME Group's FedWatch Tool showed.
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