Dow, S&P 500 end lower Tuesday for a 3rd day in a row as summer rally pauses


U.S. stocks finished lower on Tuesday as investors awaited a Friday update from the Federal Reserve on its potential path to higher rates. The Dow Jones Industrial Average DJIA, -0.47% shed about 154 points, or 0.5%, ending near 32,908, while the S&P 500 index SPX, -0.22% closed 0.2% lower, with both benchmarks ending lower for a third session in a row. The Nasdaq Composite COMP, -0.00% was virtually flat, even though the benchmark 10-year Treasury yield rose to 3.053%, its highest since July 8, according to Dow Jones Market Data based on 3 p.m. Eastern levels. Wall Street’s main focus remains a speech from Fed Chairman Jerome Powell due Friday, but on Tuesday a significant slowing of new home sales in July and other signs of weaker U.S. economic data also weighed on sentiment. A bright spot for the S&P 500, however, was the energy sector, which gained 3.6% on Tuesday after U.S. crude prices CL00, -0.05% CLV22, -0.05% settled higher at $93.74 a barrel.

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