- Stocks fell after weak economic data, with traders hoping for more clarity on the Federal Reserve's monetary policy path at this week's Jackson Hole central bankers' symposium.
- In a session with below-average trading volume, the S&P 500 suffered its third straight day of losses. Treasury 10-year yields surpassed 3%, while the dollar's four-day rally came to an end.
- Traders are bracing for hawkish comments at the Jackson Hole event, following recent comments from Fed officials that convinced many investors that the central bank will continue to tighten aggressively, even as the economy slows. Sales of new US homes fell for the sixth time this year, to the slowest pace since early 2016, according to data released on Tuesday, while business activity fell for the second month in a row, reflecting softer demand at both manufacturers and service providers.
