Meanwhile, Federal Reserve Chair Kevin Warsh prepares to gavel in his first policy meeting, a two-day gathering that concludes Wednesday.
Futures price a roughly 97% chance the Fed holds its benchmark rate at 3.5%-3.75%, but markets still assign about 70% odds to at least one hike before year-end, leaving Warsh’s debut press conference as the session’s gravitational center.
Crude Extends Slide
West Texas Intermediate fell roughly 4% to around $77 a barrel, a two-month low, as the framework deal to reopen the Strait of Hormuz, a memorandum of understanding due to be signed Friday in Switzerland, eased the war-risk premium that had gripped energy markets since the spring. Brent traded near $80.
Across U.S. equity markets by midday Tuesday, the split was stark.
The S&P 500 slipped about 0.2% to 7,542.80, while the Dow Jones Industrial Average outperformed, rising 1.0%, or roughly 515 points, to a record 52,185.49 as banks and industrials did the heavy lifting.
The Nasdaq 100 was the laggard, falling about 1.4% to 30,118.05 as megacap tech retreated. The small-cap Russell 2000 dipped about 0.3% to 2,957.29, while the Cboe Volatility Index eased 2.0% to 15.87, signaling a calm tape beneath the rotation.
Tuesday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,542.80
-0.2%
Dow Jones
52,185.49
+1.0%
Nasdaq 100
30,118.05
-1.4%
Russell 2000
2,957.29
-0.3%
Updated by 12:30 PM ET
According to the Benzinga Pro platform:
The Vanguard S&P 500 ETF (NYSE:VOO) slipped 0.2%.
The SPDR Dow ...
