Here are the key events taking place on Tuesday that could impact trading as U.S. markets return from a long holiday weekend.
that could impact trading.U.S. mortgage rates recently reached their highest level in more than 13 years. Recent economic data has shown sharp declines in key sectors. Hani Redha, a portfolio manager at PineBridge Investments, said it is possiblefurther in the coming months as energy prices remain elevated. "The central banks, who have been our friends for a very long time, are telling us we should expect pain," Redha said.
to a 13-month low on soaring prices and higher borrowing costs. It also tees up Friday’s report on new home sales, which are expected to slip half a percent to a seasonally adjusted annual rate of 588,000 in May.The Dow Jones Industrial Average, which entered a correction on March 7, finished June 16’s bearish session almost 19% below its record closing high on Jan. 4. The S&P 500, which fell into a bear market on June 13 for the first time since early 2020, finished nearly 23.
since March 7, is 32.75% below its peak on Nov. 19. The small-cap Russell 2000, which officially entered a bear market on Jan. 27, is almost 32% below its high on Nov. 8.