US stock indexes fell on Tuesday, as investors focused on data showing a slowing economy ahead of the US Federal Reserve’s annual conference in Jackson Hole later this week.
The benchmark index ranged between small gains and losses for most of the session, after data showed that the activity of private sector companies in the United States contracted for the second month in a row in August, as demand declined in the face of inflation and tightening financial conditions.
Traders are divided between expecting a 50 basis point increase in interest rates, and a 75 basis point increase at the US central bank’s September meeting.
On the other hand, the benchmark 10-year US Treasury yield rose to the highest level since late July.
According to preliminary data, the Standard & Poor’s 500 closed 0.23% down by 9.34 points at the level of 4128.65 points, and the Nasdaq Composite declined by a negligible rate of 0.27 points, to close at 12,381.30 points.
The Dow Jones Industrial Average fell 0.47%, or 154.39 points, to 32,903.09 points.
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