Bonds & Stocks
Stocks fell after a back-to-back rally and bond yields rose alongside the dollar, with traders gearing up for Wednesday’s Federal Reserve decision that will likely bring an assessment of how President Donald Trump’s trade policies are impacting the economy. The S&P 500 fell 0.4%. The Nasdaq 100 slid 0.8%. The Dow Jones Industrial Average lost 0.2%. A gauge of the Magnificent Seven megacaps slipped 1.3%. The Russell 2000 dropped 0.6%.
Economy
Treasury Secretary Scott Bessent said that the underlying economy is healthy and there’s no reason for the US to see a recession, while rejecting the idea of assuring there cannot be a downturn. “I can’t guarantee anything,” Bessent said in an interview Tuesday with Fox Business’ Maria Bartiromo, dismissing any question about assuring there won’t be one as “silly.”
World
Russian President Vladimir Putin is demanding a suspension of all weapons deliveries to Ukraine during a ceasefire proposed by US counterpart Donald Trump, according to people with knowledge of the matter.