Stocks fell for a second session on Wednesday as investors weighed the latest Federal Reserve meeting minutes against the market's recent record high run last week.
Here's how the market settled Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Fed minutes signal possible tightening monetary policy this year:
Federal Reserve policymakers reaffirmed their stance that recent price increases in and inflationary pressures are still transitory, according to the July Federal Open Market Committee meeting minutes released Wednesday.
Policymakers also said that their timeline for rolling back their asset purchase program will depend on the ongoing choppy labor market recovery. However, the Fed minutes also revealed that policymakers were discussing possibly tapering it's monthly bond-buying program this year.
"A few participants expressed concerns that maintaining highly accommodative financial condition might contribute to a further buildup in risk to the financial system that could impede the attainment of the Committee's dual-mandate goals. In contrast, a few other participants suggested that preparations for reducing the pace of asset purchases should encompass the possibility that the reductions might not occur for some time and highlighted the risks that rising COVID-19 cases associated with the spread of the Delta variant could cause delays in returning to work and school and so dampen the economic recovery," the minutes added.
U.S. health officials recommend third COVID vaccine booster shots:
Top U.S. health officials, including Centers for Disease Control and Prevention (CDC) Director Dr. Rochelle Walensky, Food and Drug Administration (FDA) Commissioner Dr. Janet Woodcock, and White House Chief Medical Advisor Dr. Anthony Fauci, announced Wednesday that they are recommending COVID vaccine booster shots as new data shows immune system protection wanes over time.
The U.S. plans to begin offering a third dose of either Moderna
Officials are still assessing whether or not those who received the single-dose Johnson & Johnson
Here's how market benchmarks started trading soon after open:
S&P 500 Index: -0.24% or -10.47 points to 4,437.61
Dow Jones Industrial Average: -0.33% or -116.26 points to 35,227.02
Nasdaq Composite Index: -0.12% or -17.21 points to 14,646.99
Housing starts fall as faster-than-expected rate in July:
New home building activity fell at a much more-than-expected rate in July amid materials and labor shortages pressuring the overall housing market.
Housing starts decreased by 7.0% in July, according to the Commerce Department's latest report published Wednesday, marking the biggest monthly decline since April. In June, housing starts had risen at a 3.5% rate.
Beneath the headline, starts for single-family homes fell by 4.5%, while building permits rose at a 2.6% rate, signalling a potential pick-up in home building activity in the future.
