U.S. stocks were mixed at midday Tuesday as money rotated out of high-flying technology and into financials, utilities and industrials — cooling the tech-led rally as the Dow Jones Industrial Average pushed to fresh records.
Meanwhile, Federal Reserve Chair Kevin Warsh prepares to gavel in his first policy meeting — a two-day gathering that concludes Wednesday.
Futures price a roughly 97% chance the Fed holds its benchmark rate at 3.5%-3.75%, but markets still assign about 70% odds to at least one hike before year-end, leaving Warsh's debut press conference as the session's gravitational center.
Crude Extends Slide West Texas Intermediate fell roughly 4% to around $77 a barrel, a two-month low, as the framework deal to reopen the Strait of Hormuz — a memorandum of understanding due to be signed Friday in Switzerland – eased the war-risk premium that had gripped energy markets since the spring.
Brent traded near $80.
