The S&P 500 Index closed down 0.69% on Tuesday, with the Dow Jones Industrial Average falling 0.22%, and the Nasdaq 100 sliding 1.68%. This marks a two-week low for the S&P 500 and Dow, and a 1.5-week low for the Nasdaq, primarily due to a sell-off in chipmakers and AI-infrastructure stocks. Crude oil prices reached a three-week high, causing inflation concerns to resurge and pushing global bond yields higher.
In economic indicators, July housing starts decreased by 12.4% month-over-month to 1.239 million, below the expected 1.345 million, while July building permits rose by 5% to a five-month high of 1.443 million, surpassing predictions of 1.375 million. Additionally, the July import price index excluding petroleum increased by 0.3%, exceeding expectations of 0.1%. The market is currently pricing in a 35% chance of a 25 basis points rate hike at the upcoming Federal Open Market Committee meeting on September 15-16.
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