U.S. markets showed continued momentum during Tuesday’s session before losing steam and pulling back for the first time in seven sessions. The lackluster action comes ahead of tomorrow’s FOMC minutes and a number of key economic reports as traders seemed tentative ahead of the news.
The Dow fell 1% after trading in negative territory throughout the session while testing a low of 24,926 and closing back below the 25,000 level. The Russell 2000 declined 0.9% after failing resistance at 1,550 and the 50-day moving average for the second-straight session.
The S&P 500 stumbled 0.6% despite showing midday strength while holding the 2,700 level for the third-straight session. Meanwhile, the Nasdaq slipped 0.1% to extend its losing streak to 2-straight sessions. The index has been holding the 7,200 level for 3-straight sessions following last week’s 5.3% surge and best weekly percentage gain since December 2011.
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