WALL STREET RETREATS FROM RECORD CLOSING HIGHS – Investors look to Fed amid data blackout as markets edge lower
U.S. stocks slipped on Tuesday as the ongoing government shutdown entered its seventh day, leaving investors without key economic data.
With official reports on hold, traders turned to private surveys and comments from Federal Reserve officials for clues about the economy and future rate cuts.
A survey from the New York Fed showed falling consumer confidence and rising inflation expectations — adding to concerns about slowing growth.
Fed Governor Stephen Miran called for continued rate cuts, warning that keeping policy too tight could risk further economic damage.
By the close, the Dow Jones fell about 90 points, the S&P 500 lost roughly 0.4 per cent, and the Nasdaq dropped about 0.7 per cent.
