Wall Street stocks fell on Tuesday, with technology shares turning lower in late New York trading, while the U.S. dollar touched its lowest level since late February.
The Nasdaq also reversed course to end the day lower, while the Dow and S&P 500 added to declines late in the session. The S&P 500 technology index was the biggest drag on the benchmark S&P 500.
Investors were anxious ahead of Wednesday’s release of minutes from the Federal Reserve’s April policy meeting. Rising inflationary pressure in the United States has been increasing investor speculation the Fed could possibly raise interest rates sooner than anticipated.
While few market-watchers expect big surprises from the minutes, “the market is bracing for a transition,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. “So there’s a little bit of de-risking going on.”
Fed Vice-Chair Richard Clarida on Monday pointed to the weak April jobs report as proof of lingering weakness in the economy.
