U.S. equities closed mixed on Tuesday as investors awaited the Federal Reserve’s Jackson Hole symposium and digested fresh retail earnings. The Dow Jones gained 0.3%, while the S&P 500 slipped 0.2% and the Nasdaq fell 0.6%.
Markets currently see an 83% chance of a Fed rate cut in September, with Chair Jerome Powell’s remarks later this week in the spotlight. Housing data showed modest increases in housing starts and building permits, pointing to slight improvement in the real estate sector.
On the corporate side, Home Depot reported a 1% rise in comparable sales, though demand for big-ticket items remained soft. Intel shares advanced after a $2 billion investment from SoftBank, while Palo Alto Networks surged on upbeat guidance.
Geopolitics also played a role, with Trump’s meeting with Ukrainian President Volodymyr Zelensky raising the possibility of trilateral talks with Russian President Vladimir Putin. In commodities, Brent crude fell 0.9% to $66.00 per barrel and WTI dropped 1.1% to $62.04.